Reaves W H & Co. Inc. Raises Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Reaves W H & Co. Inc. increased its stake in Quanta Services by 9.8%, acquiring an additional 25,107 shares, bringing its total holdings to 281,585 shares, valued at approximately $71.6 million.
• Quanta Services reported $2.48 earnings per share for the last quarter, exceeding analysts' expectations, with quarterly revenue reaching $6.77 billion.
• Analyst ratings for Quanta Services show a mix of 14 buy ratings, 11 hold ratings, and 1 strong buy rating, with a consensus price target at $387.00.

Reaves W H & Co. Inc. raised its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 9.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 281,585 shares of the construction company's stock after acquiring an additional 25,107 shares during the quarter. Quanta Services makes up about 1.8% of Reaves W H & Co. Inc.'s investment portfolio, making the stock its 21st biggest position. Reaves W H & Co. Inc. owned about 0.19% of Quanta Services worth $71,573,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PWR. Banque Transatlantique SA bought a new stake in Quanta Services during the fourth quarter valued at about $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Quanta Services in the first quarter worth about $25,000. Quarry LP bought a new stake in shares of Quanta Services in the fourth quarter worth about $26,000. OLD Second National Bank of Aurora bought a new stake in shares of Quanta Services in the first quarter worth about $42,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Quanta Services in the first quarter worth about $43,000. 90.49% of the stock is owned by institutional investors.

Quanta Services Trading Down 0.3%

NYSE:PWR traded down $1.30 during midday trading on Friday, hitting $386.05. The stock had a trading volume of 655,319 shares, compared to its average volume of 1,261,717. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $424.94. The company has a market capitalization of $57.53 billion, a price-to-earnings ratio of 59.76, a PEG ratio of 2.30 and a beta of 1.10. The stock has a 50-day moving average of $380.24 and a 200 day moving average of $320.69. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.04. The company had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. Quanta Services's revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.90 earnings per share. As a group, sell-side analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders 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 dividend on an annualized basis and a yield of 0.1%. Quanta Services's dividend payout ratio is currently 6.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PWR shares. DA Davidson lifted their target price on Quanta Services from $305.00 to $395.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Wall Street Zen raised Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. BMO Capital Markets cut Quanta Services from an "outperform" rating to a "market perform" rating and boosted their price objective for the stock from $352.00 to $400.00 in a research note on Thursday, July 17th. The Goldman Sachs Group reissued a "buy" rating and set a $414.00 price objective (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Finally, Northland Capmk cut Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Twelve research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Quanta Services has a consensus rating of "Moderate Buy" and an average target price of $392.45.

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.