Wealthedge Investment Advisors LLC Takes Position in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Wealthedge Investment Advisors LLC has acquired a new stake of 1,960 shares in Quanta Services, Inc. valued at approximately $498,000 in the 1st quarter of the year.
• Major analysts have shown increased confidence in Quanta Services, with price targets being raised by firms like Citigroup and TD Cowen, reflecting a consensus rating of "Moderate Buy" for the stock.
• Quanta Services recently reported earnings of $2.48 per share, slightly above analysts' expectations, with revenue for the quarter reaching $6.77 billion, a 21.1% increase year-over-year.

Wealthedge Investment Advisors LLC bought a new stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,960 shares of the construction company's stock, valued at approximately $498,000.

Several other large investors have also recently made changes to their positions in the business. Frank Rimerman Advisors LLC grew its stake in shares of Quanta Services by 1.1% during the 1st quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company's stock worth $792,000 after acquiring an additional 34 shares during the period. Legacy Capital Wealth Partners LLC raised its holdings in shares of Quanta Services by 3.4% in the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company's stock valued at $277,000 after acquiring an additional 36 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Quanta Services by 2.6% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company's stock valued at $365,000 after acquiring an additional 37 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Quanta Services by 15.6% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 282 shares of the construction company's stock valued at $72,000 after acquiring an additional 38 shares in the last quarter. Finally, Kerntke Otto McGlone Wealth Management Group raised its holdings in shares of Quanta Services by 3.0% during the 1st quarter. Kerntke Otto McGlone Wealth Management Group now owns 1,356 shares of the construction company's stock valued at $345,000 after buying an additional 39 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PWR has been the topic of a number of analyst reports. Citigroup lifted their price target on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Roth Capital reaffirmed a "buy" rating and issued a $450.00 price target (up from $350.00) on shares of Quanta Services in a research note on Tuesday, July 29th. Daiwa America cut Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. TD Cowen lifted their price target on Quanta Services from $355.00 to $425.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Evercore ISI lifted their price objective on Quanta Services from $360.00 to $410.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Twelve analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $392.45.

Quanta Services Trading Down 0.7%

Quanta Services stock opened at $377.38 on Friday. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $424.94. The business's fifty day simple moving average is $382.48 and its two-hundred day simple moving average is $321.88. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $56.23 billion, a price-to-earnings ratio of 58.42, a price-to-earnings-growth ratio of 2.26 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last posted 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 return on equity of 18.41% and a net margin of 3.73%. The firm had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. During the same quarter in the previous year, the business earned $1.90 earnings per share. The company's revenue was up 21.1% on a year-over-year basis. As a group, equities analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's dividend payout ratio is 6.19%.

Quanta Services Company 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.

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