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

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. lifted its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 9.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 281,585 shares of the construction company's stock after acquiring an additional 25,107 shares during the period. Quanta Services accounts for 1.8% of Reaves W H & Co. Inc.'s holdings, making the stock its 21st largest 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 hedge funds have also modified their holdings of the business. Banque Transatlantique SA purchased a new stake in Quanta Services during the fourth quarter worth about $25,000. Quarry LP acquired a new stake in shares of Quanta Services in the fourth quarter valued at $26,000. Cullen Frost Bankers Inc. purchased a new position in Quanta Services in the first quarter valued at $25,000. OLD Second National Bank of Aurora acquired a new position in Quanta Services during the 1st quarter worth $42,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Quanta Services in the first quarter worth approximately $43,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a report on Tuesday. Daiwa America downgraded Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. Sanford C. Bernstein lowered Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 target price on the stock. in a research report on Monday, July 28th. Stifel Nicolaus upped their price target on Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a report on Monday. Finally, Truist Financial raised their price objective on shares of Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a report on Monday. Twelve analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $392.45.

Quanta Services Trading Down 0.3%

Shares of PWR traded down $1.30 during trading hours on Friday, hitting $386.05. The stock had a trading volume of 655,319 shares, compared to its average volume of 1,433,155. The company's fifty day simple moving average is $379.36 and its 200 day simple moving average is $320.50. The firm has a market cap of $57.52 billion, a P/E ratio of 59.76, a P/E/G ratio of 2.31 and a beta of 1.10. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $424.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37.

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

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a $0.10 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.40 annualized dividend and a yield of 0.1%. Quanta Services's payout ratio is 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.