Quanta Services, Inc. $PWR Shares Purchased by Synovus Financial Corp

Key Points

• Synovus Financial Corp increased its stake in Quanta Services by 86.1%, now holding 12,741 shares worth $3,239,000 after acquiring 5,895 shares in Q1.
• Quanta Services reported strong earnings, with a profit of $2.48 EPS, exceeding estimates, and a 21.1% increase in revenue year-over-year.
• Analysts are optimistic about Quanta Services, with thirteen giving a Buy rating and target prices reaching between $432.00 and $492.00.

Synovus Financial Corp grew its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 86.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,741 shares of the construction company's stock after buying an additional 5,895 shares during the quarter. Synovus Financial Corp's holdings in Quanta Services were worth $3,239,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Quantitative Investment Management LLC purchased a new position in Quanta Services in the 1st quarter valued at approximately $5,667,000. Northwestern Mutual Wealth Management Co. increased its stake in Quanta Services by 33.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 12,089 shares of the construction company's stock valued at $3,073,000 after purchasing an additional 2,997 shares in the last quarter. Groupe la Francaise increased its stake in Quanta Services by 187.5% in the 1st quarter. Groupe la Francaise now owns 34,457 shares of the construction company's stock valued at $8,782,000 after purchasing an additional 22,470 shares in the last quarter. AlphaQuest LLC purchased a new position in Quanta Services in the 1st quarter valued at approximately $35,000. Finally, Sprott Inc. increased its stake in Quanta Services by 11.2% in the 1st quarter. Sprott Inc. now owns 2,874 shares of the construction company's stock valued at $731,000 after purchasing an additional 289 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on PWR. Stifel Nicolaus raised their price objective on Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Sanford C. Bernstein downgraded Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 price objective for the company. in a research note on Monday, July 28th. Piper Sandler reissued an "overweight" rating and set a $370.00 price target (up previously from $360.00) on shares of Quanta Services in a research report on Tuesday, May 27th. Evercore ISI raised their price target on Quanta Services from $360.00 to $410.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. raised their price target on Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, Quanta Services presently has a consensus rating of "Moderate Buy" and an average target price of $392.45.

Quanta Services Trading Down 2.0%

Shares of NYSE:PWR traded down $7.72 during midday trading on Friday, reaching $378.24. The company's stock had a trading volume of 774,371 shares, compared to its average volume of 1,012,933. The firm has a market cap of $56.36 billion, a price-to-earnings ratio of 58.55, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10. 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, Inc. has a 1 year low of $227.08 and a 1 year high of $424.94. The business has a 50 day moving average price of $387.37 and a 200 day moving average price of $327.85.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 18.41% and a net margin of 3.73%.The business's revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

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

Quanta Services 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.