Cushing Asset Management LP grew its holdings in Quanta Services Inc (NYSE:PWR) by 16.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 196,505 shares of the construction company’s stock after acquiring an additional 27,392 shares during the period. Cushing Asset Management LP owned about 0.13% of Quanta Services worth $7,685,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Mckinley Capital Management LLC Delaware purchased a new position in shares of Quanta Services in the 3rd quarter valued at $111,000. Avestar Capital LLC purchased a new position in shares of Quanta Services in the 4th quarter valued at $108,000. Cerebellum GP LLC purchased a new position in shares of Quanta Services in the 4th quarter valued at $130,000. SSI Investment Management Inc. purchased a new position in shares of Quanta Services in the 4th quarter valued at $209,000. Finally, Commerce Bank purchased a new position in shares of Quanta Services in the 4th quarter valued at $222,000. 83.31% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. B. Riley cut their target price on shares of Quanta Services from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. DA Davidson reissued a “buy” rating on shares of Quanta Services in a research note on Thursday, February 22nd. Credit Suisse Group reissued an “outperform” rating and issued a $42.00 target price (down previously from $46.00) on shares of Quanta Services in a research note on Friday, February 23rd. KeyCorp reaffirmed an “overweight” rating and set a $49.00 price target (up previously from $46.00) on shares of Quanta Services in a research note on Friday, February 23rd. Finally, Alembic Global Advisors set a $45.00 price target on shares of Quanta Services and gave the stock a “buy” rating in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. Quanta Services presently has a consensus rating of “Buy” and an average target price of $45.15.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, February 22nd. The construction company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Quanta Services had a net margin of 3.33% and a return on equity of 7.75%. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the firm posted $0.56 EPS. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. analysts expect that Quanta Services Inc will post 2.41 earnings per share for the current fiscal year.
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Quanta Services Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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