Allstate Corp Boosts Holdings in Quanta Services, Inc. $PWR

Allstate Corp boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 105.7% in the fourth quarter, HoldingsChannel reports. The fund owned 11,049 shares of the construction company’s stock after purchasing an additional 5,678 shares during the quarter. Allstate Corp’s holdings in Quanta Services were worth $4,663,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Summitry LLC acquired a new stake in shares of Quanta Services in the fourth quarter worth $298,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Quanta Services by 30.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,344 shares of the construction company’s stock worth $567,000 after acquiring an additional 313 shares during the period. Fisher Asset Management LLC increased its stake in shares of Quanta Services by 13.4% in the fourth quarter. Fisher Asset Management LLC now owns 895 shares of the construction company’s stock worth $378,000 after acquiring an additional 106 shares during the period. Choate Investment Advisors increased its stake in shares of Quanta Services by 11.8% in the fourth quarter. Choate Investment Advisors now owns 28,962 shares of the construction company’s stock worth $12,224,000 after acquiring an additional 3,064 shares during the period. Finally, CYBER HORNET ETFs LLC increased its stake in shares of Quanta Services by 7.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 420 shares of the construction company’s stock worth $177,000 after acquiring an additional 28 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

PWR has been the topic of a number of research reports. Citigroup increased their price objective on shares of Quanta Services from $640.00 to $733.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Wolfe Research raised their price target on shares of Quanta Services from $477.00 to $576.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Truist Financial set a $851.00 price target on shares of Quanta Services in a research report on Friday, May 1st. Evercore raised their price target on shares of Quanta Services from $635.00 to $800.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Finally, Robert W. Baird raised their price target on shares of Quanta Services from $606.00 to $777.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $730.86.

Quanta Services Stock Up 2.7%

Shares of NYSE PWR opened at $743.18 on Wednesday. The company’s 50-day simple moving average is $638.82 and its 200-day simple moving average is $533.25. Quanta Services, Inc. has a 52-week low of $336.57 and a 52-week high of $788.75. The firm has a market cap of $111.52 billion, a price-to-earnings ratio of 101.95, a price-to-earnings-growth ratio of 2.48 and a beta of 1.24. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.64. The firm had revenue of $7.87 billion for the quarter, compared to the consensus estimate of $7 billion. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same period last year, the firm posted $1.78 earnings per share. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Equities analysts predict that Quanta Services, Inc. will post 12.84 EPS for the current fiscal year.

Quanta Services announced that its Board of Directors has authorized a share repurchase plan on Friday, May 22nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Quanta Services’s dividend payout ratio (DPR) is currently 6.04%.

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.