Victory Capital Management Inc. Raises Position in Quanta Services, Inc. $PWR

Key Points

• Victory Capital Management increased its stake in Quanta Services by 35.2% in the fourth quarter, buying 758,862 additional shares and bringing its total holding to 2.92 million shares worth about $1.23 billion.
• Quanta Services reported strong quarterly results, with EPS of $2.68 and revenue of $7.87 billion, both above analyst expectations. Revenue rose 26.3% year over year.
• The company announced a $1 billion share buyback program and a quarterly dividend of $0.11 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy.

Victory Capital Management Inc. lifted its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 35.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,915,440 shares of the construction company's stock after buying an additional 758,862 shares during the quarter. Quanta Services makes up about 0.7% of Victory Capital Management Inc.'s portfolio, making the stock its 21st biggest position. Victory Capital Management Inc. owned 1.96% of Quanta Services worth $1,230,493,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Quanta Services by 2.2% in the third quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company's stock worth $7,519,079,000 after buying an additional 386,937 shares during the period. State Street Corp increased its holdings in Quanta Services by 1.2% during the 3rd quarter. State Street Corp now owns 6,080,747 shares of the construction company's stock worth $2,519,983,000 after purchasing an additional 73,460 shares during the period. Geode Capital Management LLC increased its holdings in Quanta Services by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company's stock worth $1,718,371,000 after purchasing an additional 110,360 shares during the period. Bank of America Corp DE boosted its position in Quanta Services by 35.6% during the 3rd quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company's stock valued at $1,208,672,000 after acquiring an additional 765,822 shares in the last quarter. Finally, Norges Bank bought a new stake in Quanta Services during the 4th quarter valued at $817,285,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PWR has been the subject of several analyst reports. CICC Research initiated coverage on Quanta Services in a report on Thursday, May 21st. They set an "outperform" rating and a $872.00 price objective for the company. Stifel Nicolaus set a $784.00 price objective on Quanta Services in a research note on Friday, May 1st. UBS Group lifted their price objective on Quanta Services from $646.00 to $900.00 and gave the company a "buy" rating in a research note on Monday, May 4th. The Goldman Sachs Group raised their target price on Quanta Services from $685.00 to $826.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $733.87.

Quanta Services Stock Up 3.7%

PWR stock opened at $708.86 on Friday. The firm has a market cap of $106.37 billion, a PE ratio of 97.24, a PEG ratio of 2.69 and a beta of 1.20. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14. Quanta Services, Inc. has a one year low of $349.06 and a one year high of $788.75. The firm's 50 day moving average price is $675.23 and its 200-day moving average price is $556.55.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.64. The company had revenue of $7.87 billion for the quarter, compared to analyst estimates of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm's quarterly revenue was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.78 earnings per share. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. On average, equities research analysts anticipate that Quanta Services, Inc. will post 12.81 EPS for the current year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. Quanta Services's payout ratio is presently 6.04%.

Quanta Services declared that its board has approved a stock buyback program on Friday, May 22nd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the construction company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Quanta Services news, CEO Earl C. Jr. Austin sold 25,992 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.71, for a total value of $20,032,294.32. Following the sale, the chief executive officer owned 16,508 shares of the company's stock, valued at $12,722,880.68. The trade was a 61.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Paul Nobel sold 4,000 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the completion of the sale, the chief accounting officer directly owned 8,080 shares in the company, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 159,992 shares of company stock worth $123,244,714. 0.60% of the stock is owned by corporate insiders.

Quanta Services Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

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