Rafferty Asset Management LLC Sells 2,492 Shares of Quanta Services, Inc. $PWR

Key Points

• Rafferty Asset Management LLC has reduced its holdings in Quanta Services, Inc. by 17.0%, owning 12,158 shares worth approximately $3.09 million after selling 2,492 shares during the first quarter.
• Quanta Services reported earnings of $2.48 per share for the last quarter, surpassing estimates by $0.04, with revenue increasing 21.1% year-over-year.
• The company will pay a quarterly dividend of $0.10 per share on October 10th, representing an annual yield of 0.1%.

Rafferty Asset Management LLC trimmed its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 17.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,158 shares of the construction company's stock after selling 2,492 shares during the quarter. Rafferty Asset Management LLC's holdings in Quanta Services were worth $3,090,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PWR. Brighton Jones LLC bought a new stake in Quanta Services in the 4th quarter valued at $298,000. Quarry LP acquired a new position in shares of Quanta Services in the 4th quarter valued at $26,000. Lido Advisors LLC raised its stake in shares of Quanta Services by 12.5% in the 4th quarter. Lido Advisors LLC now owns 5,108 shares of the construction company's stock valued at $1,614,000 after buying an additional 566 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Quanta Services by 14.5% in the 4th quarter. AQR Capital Management LLC now owns 39,911 shares of the construction company's stock valued at $12,614,000 after buying an additional 5,042 shares in the last quarter. Finally, Comerica Bank raised its stake in shares of Quanta Services by 4.0% in the 4th quarter. Comerica Bank now owns 37,832 shares of the construction company's stock valued at $11,957,000 after buying an additional 1,451 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PWR has been the subject of a number of recent research reports. Argus set a $375.00 price objective on shares of Quanta Services in a research note on Monday, May 5th. Truist Financial increased their price objective on shares of Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Evercore ISI upped their target price on shares of Quanta Services from $360.00 to $410.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $370.00 target price (up previously from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. upped their target price 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. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Price Performance

PWR traded down $3.35 during midday trading on Tuesday, hitting $374.61. The company had a trading volume of 685,934 shares, compared to its average volume of 1,382,790. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The company has a market capitalization of $55.82 billion, a PE ratio of 57.99, a P/E/G ratio of 2.24 and a beta of 1.01. Quanta Services, Inc. has a twelve month low of $227.08 and a twelve month high of $424.94. The firm's 50-day simple moving average is $387.61 and its 200-day simple moving average is $328.76.

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, beating the consensus estimate of $2.44 by $0.04. The firm had revenue of $6.77 billion during the quarter, compared to analysts' expectations 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 last year, the company posted $1.90 EPS. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Equities research analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. Quanta Services's payout ratio is currently 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.