Empowered Funds LLC Grows Position in Quanta Services, Inc. $PWR

Empowered Funds LLC increased its holdings in Quanta Services, Inc. (NYSE:PWR) by 26.7% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 23,918 shares of the construction company’s stock after purchasing an additional 5,042 shares during the period. Empowered Funds LLC’s holdings in Quanta Services were worth $13,131,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC purchased a new position in shares of Quanta Services during the fourth quarter valued at approximately $298,000. Woodline Partners LP grew its position in Quanta Services by 40.7% in the 1st quarter. Woodline Partners LP now owns 12,471 shares of the construction company’s stock worth $3,170,000 after purchasing an additional 3,606 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Quanta Services in the 2nd quarter worth approximately $4,632,000. Marshall Wace LLP purchased a new stake in Quanta Services during the 2nd quarter valued at $996,000. Finally, StoneX Group Inc. bought a new position in shares of Quanta Services during the 2nd quarter valued at $204,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $714.00 price objective on shares of Quanta Services in a report on Tuesday, July 21st. Truist Financial increased their target price on Quanta Services from $851.00 to $940.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. B. Riley Financial reissued a “neutral” rating on shares of Quanta Services in a research report on Friday, May 1st. Citigroup upped their price target on shares of Quanta Services from $640.00 to $733.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Finally, Oppenheimer upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and set a $800.00 price objective on the stock in a research note on Thursday, May 28th. Seventeen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $745.55.

Quanta Services Price Performance

NYSE PWR opened at $561.14 on Thursday. The business’s fifty day moving average is $682.41 and its 200 day moving average is $610.16. Quanta Services, Inc. has a fifty-two week low of $363.01 and a fifty-two week high of $788.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14. The company has a market capitalization of $84.21 billion, a PE ratio of 76.97, a price-to-earnings-growth ratio of 2.32 and a beta of 1.21.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion for the quarter, compared to the consensus estimate of $7 billion. During the same quarter last year, the company earned $1.78 earnings per share. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. Sell-side analysts predict that Quanta Services, Inc. will post 12.8 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.11 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is presently 6.04%.

Quanta Services declared that its Board of Directors has approved a stock buyback plan on Friday, May 22nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the construction company to purchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Quanta Services

In other Quanta Services news, CAO Paul Nobel sold 4,000 shares of Quanta Services stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the transaction, the chief accounting officer owned 8,080 shares of the company’s stock, valued at $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the completion of the transaction, the chief executive officer owned 556,911 shares of the company’s stock, valued at approximately $429,183,462.15. The trade was a 18.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 159,992 shares of company stock worth $123,244,714 in the last ninety days. Insiders own 0.60% of the company’s stock.

About Quanta Services

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.