Quanta Services, Inc. (NYSE:PWR) Shares Acquired by Truist Financial Corp

Truist Financial Corp grew its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 482,432 shares of the construction company's stock after buying an additional 2,575 shares during the period. Truist Financial Corp owned 0.33% of Quanta Services worth $122,625,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PWR. Banque Transatlantique SA purchased a new position in shares of Quanta Services during the 4th quarter worth approximately $25,000. Quarry LP purchased a new position in shares of Quanta Services during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. boosted its position in shares of Quanta Services by 1,027.3% during the 4th quarter. Rakuten Securities Inc. now owns 124 shares of the construction company's stock worth $39,000 after purchasing an additional 113 shares during the period. OLD Second National Bank of Aurora purchased a new position in shares of Quanta Services during the 1st quarter worth approximately $42,000. Finally, Sound Income Strategies LLC boosted its position in shares of Quanta Services by 77.9% during the 1st quarter. Sound Income Strategies LLC now owns 185 shares of the construction company's stock worth $47,000 after purchasing an additional 81 shares during the period. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Stock Performance

PWR traded up $13.10 on Friday, reaching $386.51. The company had a trading volume of 869,625 shares, compared to its average volume of 1,121,142. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $387.37. The stock has a market capitalization of $57.30 billion, a PE ratio of 62.34, a P/E/G ratio of 3.01 and a beta of 1.08. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average price of $347.47 and a 200-day moving average price of $308.59.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The firm had revenue of $6.23 billion during the quarter, compared to analysts' expectations of $5.88 billion. During the same period in the previous year, the company earned $1.41 earnings per share. Quanta Services's quarterly revenue was up 23.9% compared to the same quarter last year. As a group, research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.10%. Quanta Services's dividend payout ratio is presently 6.45%.

Analyst Upgrades and Downgrades

PWR has been the subject of several recent research reports. TD Cowen raised their price target on shares of Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group reissued a "buy" rating and issued a $414.00 price target (up previously from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Northland Capmk cut shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. DA Davidson raised their price target on shares of Quanta Services from $295.00 to $305.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Northland Securities cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target for the company. in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $350.95.

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.