Bank of Nova Scotia Has $14.74 Million Position in Quanta Services, Inc. $PWR

Bank of Nova Scotia grew its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 16.2% in the first quarter, HoldingsChannel.com reports. The fund owned 26,853 shares of the construction company’s stock after acquiring an additional 3,741 shares during the quarter. Bank of Nova Scotia’s holdings in Quanta Services were worth $14,743,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Cetera Investment Advisers grew its position in shares of Quanta Services by 5.8% in the 1st quarter. Cetera Investment Advisers now owns 74,134 shares of the construction company’s stock worth $40,701,000 after buying an additional 4,087 shares during the last quarter. Alpha Family Trust purchased a new position in Quanta Services in the 1st quarter worth approximately $242,000. Signature Equity Partners LLC boosted its holdings in shares of Quanta Services by 125.0% during the 1st quarter. Signature Equity Partners LLC now owns 783 shares of the construction company’s stock valued at $430,000 after purchasing an additional 435 shares during the last quarter. CI Investments Inc. grew its stake in shares of Quanta Services by 7.8% in the 1st quarter. CI Investments Inc. now owns 34,902 shares of the construction company’s stock worth $19,162,000 after buying an additional 2,532 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Quanta Services by 18.3% during the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock valued at $551,170,000 after buying an additional 155,529 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Quanta Services

In related news, CAO Paul Nobel sold 4,000 shares of the business’s 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 completion of the transaction, the chief accounting officer owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Earl C. Jr. Austin sold 25,992 shares of Quanta Services stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $770.71, for a total value of $20,032,294.32. Following the sale, the chief executive officer directly owned 16,508 shares of the company’s stock, valued at $12,722,880.68. This represents a 61.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 159,992 shares of company stock valued at $123,244,714. Company insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Oppenheimer raised shares of Quanta Services from a “market perform” rating to an “outperform” rating and set a $800.00 price objective for the company in a research note on Thursday, May 28th. Stifel Nicolaus set a $784.00 price target on shares of Quanta Services in a research note on Friday, May 1st. Truist Financial increased their target price on shares of Quanta Services from $851.00 to $940.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Wall Street Zen lowered Quanta Services from a “buy” rating to a “hold” rating in a report on Saturday. Finally, TD Cowen raised their price objective on Quanta Services from $570.00 to $775.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Seventeen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.55.

Quanta Services Stock Down 4.2%

Shares of PWR stock opened at $626.03 on Friday. The stock has a fifty day moving average price of $689.96 and a 200 day moving average price of $605.59. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09. The stock has a market cap of $93.94 billion, a P/E ratio of 85.88, a price-to-earnings-growth ratio of 2.46 and a beta of 1.21. Quanta Services, Inc. has a one year low of $363.01 and a one year high of $788.75.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data 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. Quanta Services had a net margin of 3.67% and a return on equity of 18.64%. The company had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter last year, the business posted $1.78 earnings per share. The company’s revenue was up 26.3% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Analysts predict that Quanta Services, Inc. will post 12.8 earnings per share for the current year.

Quanta Services declared that its Board of Directors has authorized a share buyback plan on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Quanta Services Announces Dividend

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