Quanta Services, Inc. $PWR Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in Quanta Services by 3.8%, now owning 36,465 shares valued at approximately $9.27 million.
• Quanta Services reported strong earnings with $2.48 EPS for the last quarter, exceeding estimates and showcasing a 21.1% annual revenue increase.
• Analysts maintain a consensus rating of "Moderate Buy" for Quanta Services, with an adjusted price target averaging around $392.45.

Corebridge Financial Inc. lessened its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,465 shares of the construction company's stock after selling 1,440 shares during the period. Corebridge Financial Inc.'s holdings in Quanta Services were worth $9,269,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC bought a new stake in Quanta Services during the fourth quarter valued at $298,000. Quarry LP bought a new stake in Quanta Services during the fourth quarter valued at $26,000. Northern Trust Corp increased its stake in Quanta Services by 18.5% during the fourth quarter. Northern Trust Corp now owns 1,489,433 shares of the construction company's stock valued at $470,735,000 after purchasing an additional 232,375 shares during the last quarter. Lido Advisors LLC increased its stake in Quanta Services by 12.5% during the fourth quarter. Lido Advisors LLC now owns 5,108 shares of the construction company's stock valued at $1,614,000 after purchasing an additional 566 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Quanta Services by 14.5% during the fourth quarter. AQR Capital Management LLC now owns 39,911 shares of the construction company's stock valued at $12,614,000 after purchasing an additional 5,042 shares during the last quarter. Institutional investors own 90.49% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on PWR. Evercore ISI boosted their target price on shares of Quanta Services from $360.00 to $410.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Sanford C. Bernstein lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 price target for the company. in a research report on Monday, July 28th. JPMorgan Chase & Co. upped their price target on shares of Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. UBS Group upped their price target on shares of Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Northland Capmk lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Price Performance

PWR stock traded down $7.72 during trading on Friday, hitting $378.24. The company had a trading volume of 774,371 shares, compared to its average volume of 1,012,933. The firm has a market capitalization of $56.36 billion, a price-to-earnings ratio of 58.55, a P/E/G ratio of 2.24 and a beta of 1.10. The business has a 50 day moving average of $387.37 and a 200 day moving average of $327.85. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $424.94. 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 posted its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.04. The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The company's quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. As a group, research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Wednesday, October 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.1%. Quanta Services's dividend payout ratio is presently 6.19%.

About Quanta Services

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.