Quanta Services, Inc. (NYSE:PWR) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in Quanta Services by 4,143.7%, acquiring a total of 66,498 shares valued at approximately $16.9 million.
• Quanta Services received positive ratings from multiple analysts, with price targets ranging from $375 to $492, and an average consensus rating of "Moderate Buy."
• The company reported a quarterly earnings per share of $2.48, exceeding expectations and reflecting a 21.1% increase in revenue year-over-year.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 4,143.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,498 shares of the construction company's stock after buying an additional 64,931 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Quanta Services were worth $16,902,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PWR. Brighton Jones LLC acquired a new position in Quanta Services in the 4th quarter valued at about $298,000. Sterling Capital Management LLC raised its stake in Quanta Services by 44.4% in the 4th quarter. Sterling Capital Management LLC now owns 6,724 shares of the construction company's stock valued at $2,125,000 after purchasing an additional 2,068 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in Quanta Services in the 4th quarter valued at about $212,000. Advisors Capital Management LLC acquired a new position in shares of Quanta Services during the 4th quarter valued at about $318,000. Finally, Brogan Financial Inc. acquired a new position in shares of Quanta Services during the 4th quarter valued at about $234,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Up 1.9%

NYSE:PWR traded up $7.43 during trading hours on Tuesday, hitting $391.55. The stock had a trading volume of 858,704 shares, compared to its average volume of 1,259,859. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $424.94. The business has a 50 day simple moving average of $381.71 and a two-hundred day simple moving average of $320.88. The company has a market cap of $58.34 billion, a PE ratio of 60.61, a price-to-earnings-growth ratio of 2.28 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The company had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter last year, the company earned $1.90 earnings per share. Quanta Services's revenue for the quarter was up 21.1% on a year-over-year basis. Analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services's dividend payout ratio (DPR) is presently 6.19%.

Analysts Set New Price Targets

A number of research analysts have recently commented on PWR shares. TD Cowen upped their price objective on shares of Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. DA Davidson upped their price objective on shares of Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. UBS Group upped their price objective on shares of Quanta Services from $413.00 to $474.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Northland Securities downgraded shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price objective for the company. in a research note on Wednesday, July 2nd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $414.00 price objective (up previously from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Twelve investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Profile

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company's Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.