Brighton Jones LLC Increases Stock Position in Quanta Services, Inc. (NYSE:PWR)

Brighton Jones LLC raised its holdings in Quanta Services, Inc. (NYSE:PWR) by 93.2% during the 1st quarter, Holdings Channel reports. The firm owned 1,822 shares of the construction company’s stock after purchasing an additional 879 shares during the quarter. Brighton Jones LLC’s holdings in Quanta Services were worth $463,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Quanta Services by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock valued at $5,375,828,000 after purchasing an additional 161,277 shares in the last quarter. Capital World Investors lifted its holdings in shares of Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company’s stock valued at $2,282,978,000 after purchasing an additional 891,977 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Quanta Services by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company’s stock valued at $1,121,830,000 after purchasing an additional 99,416 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Quanta Services by 3.7% in the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company’s stock valued at $604,871,000 after purchasing an additional 68,565 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Quanta Services in the fourth quarter valued at about $544,937,000. 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 several recent research reports. Stifel Nicolaus upped their price target on shares of Quanta Services from $306.00 to $363.00 and gave the company a “buy” rating in a report on Monday, May 5th. UBS Group set a $413.00 price objective on shares of Quanta Services and gave the company a “buy” rating in a research note on Thursday, June 12th. Roth Capital raised shares of Quanta Services to a “strong-buy” rating in a research note on Thursday, February 20th. TD Cowen upped their price objective on shares of Quanta Services from $335.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Truist Financial reduced their price objective on shares of Quanta Services from $398.00 to $324.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $349.65.

Quanta Services Price Performance

Quanta Services stock opened at $359.24 on Wednesday. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $367.00. The firm has a fifty day moving average of $320.74 and a 200-day moving average of $304.89. The firm has a market capitalization of $53.26 billion, a P/E ratio of 57.94, a PEG ratio of 2.82 and a beta of 1.07. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The business’s quarterly revenue was up 23.9% compared to the same quarter last year. As a group, analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.11%. The ex-dividend date is Tuesday, July 1st. Quanta Services’s payout ratio is currently 6.45%.

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.