Quanta Services, Inc. $PWR Shares Sold by Forum Financial Management LP

Key Points

• Forum Financial Management LP cut its Quanta Services stake by 69.8% in the first quarter, selling 1,945 shares and leaving it with 841 shares valued at about $462,000.
• Quanta Services reported strong quarterly results, beating estimates with $2.68 EPS and $7.87 billion in revenue, while revenue rose 26.3% year over year.
• Analysts remain upbeat on the stock: several firms raised price targets, and the consensus rating is Moderate Buy with an average target price of $733.87.

Forum Financial Management LP reduced its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 69.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 841 shares of the construction company's stock after selling 1,945 shares during the quarter. Forum Financial Management LP's holdings in Quanta Services were worth $462,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Quanta Services during the 4th quarter valued at $817,285,000. Bank of America Corp DE raised its position in Quanta Services by 35.6% in the third quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company's stock valued at $1,208,672,000 after purchasing an additional 765,822 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Quanta Services by 35.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company's stock worth $1,230,493,000 after purchasing an additional 758,862 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Quanta Services by 137.6% during the fourth quarter. Corient Private Wealth LLC now owns 1,151,650 shares of the construction company's stock worth $486,065,000 after purchasing an additional 667,050 shares in the last quarter. Finally, Sands Capital Management LLC purchased a new stake in shares of Quanta Services in the fourth quarter worth about $243,485,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. TD Cowen boosted their price target on Quanta Services from $570.00 to $775.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. CICC Research initiated coverage on shares of Quanta Services in a research report on Thursday, May 21st. They set an "outperform" rating and a $872.00 target price on the stock. Zacks Research upgraded shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 8th. UBS Group raised their price target on shares of Quanta Services from $646.00 to $900.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Quanta Services presently has an average rating of "Moderate Buy" and an average price target of $733.87.

Quanta Services Price Performance

PWR stock opened at $720.94 on Wednesday. The stock's 50 day moving average is $707.46 and its two-hundred day moving average is $578.82. Quanta Services, Inc. has a 52-week low of $363.01 and a 52-week high of $788.75. The company has a market capitalization of $108.18 billion, a PE ratio of 98.89, a P/E/G ratio of 2.81 and a beta of 1.20. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The company had revenue of $7.87 billion during the quarter, compared to analysts' expectations of $7 billion. During the same period in the prior year, the business posted $1.78 EPS. The business's revenue was up 26.3% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Analysts predict that Quanta Services, Inc. will post 12.81 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Quanta Services's dividend payout ratio (DPR) is currently 6.04%.

Quanta Services declared that its Board of Directors has approved a stock repurchase program on Friday, May 22nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the construction company to buy up to 0.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the transaction, the chief executive officer owned 556,911 shares of the company's stock, valued at approximately $429,183,462.15. This trade represents a 18.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of Quanta Services stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the transaction, the chief accounting officer owned 8,080 shares of the company's stock, valued at $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 159,992 shares of company stock valued at $123,244,714. 0.60% of the stock is owned by company insiders.

Quanta Services Company Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.