Summit Financial LLC Purchases New Shares in Quanta Services, Inc. (NYSE:PWR)

Summit Financial LLC acquired a new stake in shares of Quanta Services, Inc. (NYSE:PWR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,713 shares of the construction company’s stock, valued at approximately $541,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Quanta Services during the fourth quarter valued at approximately $544,937,000. Raymond James Financial Inc. purchased a new position in shares of Quanta Services in the 4th quarter worth approximately $203,068,000. Proficio Capital Partners LLC bought a new position in shares of Quanta Services during the 4th quarter valued at approximately $53,949,000. Vanguard Group Inc. boosted its stake in Quanta Services by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock worth $5,375,828,000 after buying an additional 161,277 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new position in Quanta Services during the fourth quarter valued at $46,364,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Price Performance

NYSE PWR opened at $264.62 on Thursday. The company has a market cap of $39.22 billion, a PE ratio of 43.88, a P/E/G ratio of 1.41 and a beta of 1.10. Quanta Services, Inc. has a 52-week low of $227.11 and a 52-week high of $365.88. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. The firm’s 50 day moving average price is $277.57 and its 200-day moving average price is $304.58.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. The business had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.61 billion. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. Sell-side analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Quanta Services’s payout ratio is 6.63%.

Analysts Set New Price Targets

Several research firms have recently issued reports on PWR. Truist Financial lowered their target price on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a report on Thursday, January 16th. B. Riley reaffirmed a “neutral” rating and set a $300.00 target price (down previously from $343.00) on shares of Quanta Services in a research note on Wednesday, March 19th. JPMorgan Chase & Co. raised their price target on Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Daiwa America downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 24th. Finally, Roth Mkm assumed coverage on Quanta Services in a research report on Friday, February 21st. They set a “buy” rating and a $350.00 target price for the company. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $326.79.

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.