Taikang Asset Management Hong Kong Co Ltd Raises Stake in Quanta Services, Inc. $PWR

Key Points

• Taikang Asset Management Hong Kong Co Ltd increased its stake in Quanta Services by 35.9%, owning 12,650 shares valued at $3,215,000 after purchasing an additional 3,340 shares during the first quarter.
• Quanta Services reported a strong Q2 earnings of $2.48 EPS, surpassing estimates and revealing a 21.1% increase in revenue year-over-year, totaling $6.77 billion.
• Multiple analysts have raised their price targets for Quanta Services, with TD Cowen increasing its price objective to $425.00 and the current average target price standing at $392.45.

Taikang Asset Management Hong Kong Co Ltd lifted its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 35.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,650 shares of the construction company's stock after purchasing an additional 3,340 shares during the period. Taikang Asset Management Hong Kong Co Ltd's holdings in Quanta Services were worth $3,215,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Quanta Services by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 17,417,299 shares of the construction company's stock worth $4,427,129,000 after purchasing an additional 407,878 shares during the period. Bank of America Corp DE lifted its stake in shares of Quanta Services by 42.8% in the 4th quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company's stock worth $534,647,000 after purchasing an additional 506,722 shares during the period. Nuveen LLC bought a new position in shares of Quanta Services in the 1st quarter worth approximately $404,288,000. Northern Trust Corp lifted its stake in shares of Quanta Services by 3.8% in the 1st quarter. Northern Trust Corp now owns 1,545,514 shares of the construction company's stock worth $392,839,000 after purchasing an additional 56,081 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Quanta Services by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,143,033 shares of the construction company's stock worth $361,256,000 after acquiring an additional 82,981 shares in the last quarter. Institutional investors own 90.49% of the company's stock.

Quanta Services Price Performance

PWR traded down $7.72 during trading hours on Friday, hitting $378.24. The company's stock had a trading volume of 769,736 shares, compared to its average volume of 1,385,657. The business's 50-day moving average price is $387.02 and its 200-day moving average price is $327.13. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $424.94. The stock has a market cap of $56.36 billion, a price-to-earnings ratio of 58.55, a P/E/G ratio of 2.27 and a beta of 1.10. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The company had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. During the same quarter in the previous year, the business posted $1.90 earnings per share. Quanta Services's quarterly revenue was up 21.1% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Sell-side analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Evercore ISI increased 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. The Goldman Sachs Group reissued a "buy" rating and issued a $414.00 target price (up from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. DA Davidson increased their target price on shares of Quanta Services from $305.00 to $395.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Northland Capmk lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, BMO Capital Markets lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and increased their target price for the stock from $352.00 to $400.00 in a report on Thursday, July 17th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.