Sierra Summit Advisors LLC Increases Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Sierra Summit Advisors LLC increased its stake in Quanta Services, Inc. by 3.1%, now owning 40,883 shares valued at approximately $10.39 million.
• Analysts have a consensus target price of $392.45 for Quanta Services, with ratings of 14 buy and 12 hold from various financial institutions.
• Quanta Services reported $2.48 earnings per share (EPS), exceeding estimates of $2.44, with revenues for the quarter rising 21.1% year-over-year to $6.77 billion.

Sierra Summit Advisors LLC grew its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,883 shares of the construction company's stock after acquiring an additional 1,212 shares during the period. Quanta Services accounts for 2.3% of Sierra Summit Advisors LLC's holdings, making the stock its 13th biggest holding. Sierra Summit Advisors LLC's holdings in Quanta Services were worth $10,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in PWR. Banque Transatlantique SA purchased a new position in shares of Quanta Services during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. purchased a new position in Quanta Services in the first quarter valued at $25,000. Quarry LP purchased a new position in Quanta Services in the fourth quarter valued at $26,000. Zions Bancorporation National Association UT purchased a new stake in shares of Quanta Services during the first quarter worth about $40,000. Finally, OLD Second National Bank of Aurora purchased a new stake in shares of Quanta Services during the first quarter worth about $42,000. 90.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. 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. BMO Capital Markets lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and boosted their target price for the company from $352.00 to $400.00 in a report on Thursday, July 17th. UBS Group boosted their target price on shares of Quanta Services from $413.00 to $474.00 and gave the company a "buy" rating in a report on Friday, July 25th. JPMorgan Chase & Co. upped their price objective on shares of Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen upgraded shares of Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Twelve investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Quanta Services presently has an average rating of "Moderate Buy" and an average price target of $392.45.

Quanta Services Trading Down 0.5%

PWR stock traded down $1.92 during trading on Monday, hitting $384.23. The company had a trading volume of 926,931 shares, compared to its average volume of 1,249,152. The business has a 50-day moving average of $381.01 and a 200-day moving average of $320.39. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $424.94. The stock has a market cap of $57.25 billion, a PE ratio of 59.48, a PEG ratio of 2.30 and a beta of 1.10. 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 (NYSE:PWR - Get Free Report) last issued its quarterly earnings results 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 return on equity of 18.41% and a net margin of 3.73%. The firm had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period in the previous year, the firm earned $1.90 earnings per share. The company's revenue was up 21.1% compared to the same quarter last year. Research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

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

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.