Truist Financial Corp Sells 10,227 Shares of Quanta Services, Inc. $PWR

Key Points

• Truist Financial Corp reduced its stake in Quanta Services by 2.1%, now owning 472,205 shares valued at approximately $178.5 million after selling 10,227 shares during the 2nd quarter.
• Quanta Services has seen strong quarterly performance, reporting $2.48 EPS and $6.77 billion in revenue, both exceeding analysts' expectations, with a year-over-year revenue increase of 21.1%.
• Analysts have mixed ratings but a consensus target price of $404.27, with 13 analysts rating it as a Buy, indicating potential positive performance ahead.

Truist Financial Corp lowered its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 2.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 472,205 shares of the construction company's stock after selling 10,227 shares during the quarter. Truist Financial Corp owned 0.32% of Quanta Services worth $178,531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. First United Bank & Trust increased its position in Quanta Services by 2.4% during the second quarter. First United Bank & Trust now owns 2,104 shares of the construction company's stock valued at $795,000 after acquiring an additional 50 shares during the last quarter. Union Bancaire Privee UBP SA grew its holdings in Quanta Services by 7.7% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 170,339 shares of the construction company's stock valued at $64,096,000 after purchasing an additional 12,160 shares during the last quarter. Chicago Capital LLC raised its position in Quanta Services by 17.0% in the 2nd quarter. Chicago Capital LLC now owns 58,724 shares of the construction company's stock worth $22,202,000 after purchasing an additional 8,524 shares during the period. Lee Johnson Capital Management LLC bought a new stake in Quanta Services in the second quarter worth about $1,628,000. Finally, HCR Wealth Advisors boosted its position in shares of Quanta Services by 11.2% during the second quarter. HCR Wealth Advisors now owns 7,551 shares of the construction company's stock valued at $2,855,000 after buying an additional 760 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Northland Securities lowered Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target for the company. in a research note on Wednesday, July 2nd. BMO Capital Markets downgraded Quanta Services from an "outperform" rating to a "market perform" rating and lifted their target price for the stock from $352.00 to $400.00 in a research report on Thursday, July 17th. Stifel Nicolaus upped their price target on shares of Quanta Services from $411.00 to $432.00 and gave the stock a "buy" rating in a report on Monday, August 4th. DA Davidson lifted their price objective on shares of Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $404.27.

Quanta Services Price Performance

Shares of PWR opened at $414.71 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The company has a 50 day moving average price of $389.07 and a 200-day moving average price of $346.88. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $424.94. The stock has a market capitalization of $61.80 billion, a PE ratio of 64.20, a PEG ratio of 2.43 and a beta of 1.01.

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

Quanta Services Announces Dividend

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

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.

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