Palisade Capital Management LP Grows Stake in Quanta Services, Inc. (NYSE:PWR)

Palisade Capital Management LP boosted its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 51.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,551 shares of the construction company's stock after acquiring an additional 15,201 shares during the quarter. Palisade Capital Management LP's holdings in Quanta Services were worth $11,324,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Quanta Services in the 4th quarter valued at approximately $544,937,000. Capital World Investors raised its holdings in shares of Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after purchasing an additional 891,977 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Quanta Services by 22,475.0% during the first quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock worth $207,261,000 after purchasing an additional 811,797 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Quanta Services during the fourth quarter worth $203,068,000. Finally, Bank of America Corp DE grew its position in Quanta Services by 42.8% in the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company's stock valued at $534,647,000 after purchasing an additional 506,722 shares in the last quarter. Institutional investors own 90.49% of the company's stock.

Quanta Services Stock Up 3.5%

NYSE:PWR traded up $13.10 on Thursday, hitting $386.51. The stock had a trading volume of 869,625 shares, compared to its average volume of 1,121,521. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $387.37. The firm's fifty day simple moving average is $343.42 and its two-hundred day simple moving average is $307.94. The stock has a market cap of $57.30 billion, a P/E ratio of 62.34, a price-to-earnings-growth ratio of 2.90 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31.

Quanta Services (NYSE:PWR - Get Free Report) last announced 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. The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The business's revenue was up 23.9% compared to the same quarter last year. During the same period last year, the firm posted $1.41 EPS. Analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PWR. BMO Capital Markets set a $352.00 price objective on shares of Quanta Services in a research note on Friday, May 2nd. Stifel Nicolaus raised their price target on Quanta Services from $306.00 to $363.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Truist Financial dropped their price objective on Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Piper Sandler restated an "overweight" rating and set a $370.00 price objective (up from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Finally, Citigroup cut their price target on Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a report on Friday, April 25th. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $350.95.

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.