Washington Trust Advisors Inc. Trims Stock Position in Quanta Services, Inc. $PWR

Key Points

• Washington Trust Advisors cut its Quanta Services stake by 10.5% in the second quarter, selling 16,651 shares. Quanta remains the firm’s largest holding, representing 7.6% of its portfolio and about $101.7 million in value.
• Quanta reported strong quarterly results, with EPS of $4.24 versus the $3.31 consensus and revenue of $9.56 billion, up 41.1% year over year. The company also authorized a $1 billion share repurchase plan and announced a $0.11 quarterly dividend.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $769.25, despite shares opening at $623.80 and recent downgrades from some analysts.

Washington Trust Advisors Inc. trimmed its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 10.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,309 shares of the construction company's stock after selling 16,651 shares during the quarter. Quanta Services makes up 7.6% of Washington Trust Advisors Inc.'s holdings, making the stock its biggest holding. Washington Trust Advisors Inc. owned about 0.09% of Quanta Services worth $101,749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC raised its holdings in Quanta Services by 321.4% during the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company's stock worth $25,000 after purchasing an additional 45 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Quanta Services during the second quarter worth $26,000. Boreal Capital Management LLC bought a new position in Quanta Services during the first quarter worth $27,000. MV Capital Management Inc. acquired a new position in Quanta Services in the fourth quarter valued at $30,000. Finally, Meeder Asset Management Inc. boosted its position in Quanta Services by 221.7% during the fourth quarter. Meeder Asset Management Inc. now owns 74 shares of the construction company's stock valued at $31,000 after acquiring an additional 51 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on PWR shares. Weiss Ratings lowered Quanta Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Robert W. Baird set a $728.00 target price on Quanta Services in a research note on Friday, July 31st. Mizuho boosted their price target on Quanta Services from $659.00 to $741.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. KeyCorp raised shares of Quanta Services from a "sector weight" rating to an "overweight" rating and set a $807.00 price objective for the company in a research report on Friday, August 7th. Finally, Cantor Fitzgerald initiated coverage on shares of Quanta Services in a research note on Friday, July 31st. They issued an "outperform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $769.25.

Quanta Services Stock Down 0.1%

Shares of NYSE:PWR opened at $623.80 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.05 and a current ratio of 1.10. Quanta Services, Inc. has a 52-week low of $363.01 and a 52-week high of $788.75. The business's 50 day simple moving average is $651.88 and its two-hundred day simple moving average is $643.44. The firm has a market cap of $93.78 billion, a P/E ratio of 71.45, a PEG ratio of 2.05 and a beta of 1.20.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $4.24 EPS for the quarter, beating the consensus estimate of $3.31 by $0.93. Quanta Services had a return on equity of 20.55% and a net margin of 4.03%.The firm had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $8.61 billion. During the same quarter in the previous year, the company posted $2.48 earnings per share. The company's quarterly revenue was up 41.1% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 16.450-16.950 EPS. As a group, research analysts forecast that Quanta Services, Inc. will post 15.35 EPS for the current fiscal year.

Quanta Services announced that its Board of Directors has initiated a share buyback plan on Friday, May 22nd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.11 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services's dividend payout ratio is presently 5.04%.

Quanta Services Company 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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