Kovack Advisors Inc. Raises Stock Position in Quanta Services, Inc. (NYSE:PWR)

Kovack Advisors Inc. raised its position in Quanta Services, Inc. (NYSE:PWR) by 2.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,905 shares of the construction company’s stock after purchasing an additional 226 shares during the quarter. Kovack Advisors Inc.’s holdings in Quanta Services were worth $2,054,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PWR. DB Fitzpatrick & Co Inc purchased a new position in Quanta Services in the first quarter worth approximately $1,385,000. Bourgeon Capital Management LLC increased its position in shares of Quanta Services by 103.3% during the 1st quarter. Bourgeon Capital Management LLC now owns 38,490 shares of the construction company’s stock worth $10,000,000 after purchasing an additional 19,560 shares during the last quarter. Tower Wealth Partners Inc. raised its holdings in Quanta Services by 6.3% in the 1st quarter. Tower Wealth Partners Inc. now owns 1,040 shares of the construction company’s stock valued at $270,000 after buying an additional 62 shares during the period. State of Michigan Retirement System lifted its position in Quanta Services by 0.3% in the first quarter. State of Michigan Retirement System now owns 39,848 shares of the construction company’s stock valued at $10,353,000 after buying an additional 100 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Quanta Services by 57.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 252,249 shares of the construction company’s stock worth $65,534,000 after buying an additional 92,082 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analyst Weigh In

PWR has been the topic of a number of research analyst reports. Citigroup boosted their target price on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Argus lifted their target price on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Truist Financial reissued a “buy” rating and issued a $305.00 price objective (up previously from $301.00) on shares of Quanta Services in a research note on Monday, May 6th. B. Riley upped their target price on shares of Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Finally, The Goldman Sachs Group raised their price target on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.85.

Quanta Services Stock Performance

NYSE PWR traded up $6.78 during trading hours on Thursday, hitting $254.56. The company had a trading volume of 601,443 shares, compared to its average volume of 832,462. The business has a 50 day moving average of $268.78 and a 200-day moving average of $241.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $286.87. The company has a market cap of $37.27 billion, a PE ratio of 49.33 and a beta of 1.03.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The firm had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $4.96 billion. As a group, equities research analysts expect that Quanta Services, Inc. will post 7.69 EPS for the current year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be paid a $0.09 dividend. The ex-dividend date is Monday, July 1st. This represents a $0.36 annualized dividend and a yield of 0.14%. Quanta Services’s dividend payout ratio is currently 6.98%.

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.