Park Place Capital Corp Increases Stock Position in Quanta Services, Inc. (NYSE:PWR)

Park Place Capital Corp boosted its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 49.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 6,656 shares of the construction company's stock after acquiring an additional 2,200 shares during the period. Park Place Capital Corp's holdings in Quanta Services were worth $1,692,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Board of the Pension Protection Fund purchased a new position in shares of Quanta Services in the first quarter valued at approximately $305,000. PDS Planning Inc raised its stake in Quanta Services by 12.2% in the 1st quarter. PDS Planning Inc now owns 895 shares of the construction company's stock valued at $227,000 after purchasing an additional 97 shares during the last quarter. Balefire LLC lifted its holdings in Quanta Services by 62.0% in the 1st quarter. Balefire LLC now owns 1,395 shares of the construction company's stock valued at $355,000 after purchasing an additional 534 shares in the last quarter. KPP Advisory Services LLC boosted its stake in Quanta Services by 12.7% during the 1st quarter. KPP Advisory Services LLC now owns 5,365 shares of the construction company's stock worth $1,364,000 after purchasing an additional 603 shares during the last quarter. Finally, Western Financial Corp CA boosted its stake in Quanta Services by 7.6% during the 1st quarter. Western Financial Corp CA now owns 4,125 shares of the construction company's stock worth $1,048,000 after purchasing an additional 290 shares during the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PWR. Citigroup decreased their price target on shares of Quanta Services from $366.00 to $342.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. TD Cowen raised their target price on shares of Quanta Services from $335.00 to $355.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Truist Financial dropped their price target on Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. UBS Group set a $413.00 price objective on Quanta Services and gave the stock a "buy" rating in a research report on Thursday, June 12th. Finally, BMO Capital Markets set a $352.00 price objective on Quanta Services in a research note on Friday, May 2nd. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Quanta Services presently has an average rating of "Moderate Buy" and an average target price of $349.65.

Quanta Services Stock Up 0.6%

PWR traded up $2.21 on Friday, reaching $381.68. The company's stock had a trading volume of 3,687,738 shares, compared to its average volume of 1,493,133. The company has a market capitalization of $56.59 billion, a price-to-earnings ratio of 61.56, a P/E/G ratio of 2.91 and a beta of 1.07. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $382.79. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average of $334.47 and a two-hundred day moving average of $306.72.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The business had revenue of $6.23 billion during the quarter, compared to analysts' expectations of $5.88 billion. During the same quarter in the prior year, the business posted $1.41 EPS. The company's revenue for the quarter was up 23.9% on a year-over-year basis. As a group, analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.10%. The ex-dividend date is Tuesday, July 1st. Quanta Services's payout ratio is currently 6.45%.

Quanta Services Company 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.