SevenBridge Financial Group LLC Takes Position in Quanta Services, Inc. (NYSE:PWR)

SevenBridge Financial Group LLC purchased a new stake in shares of Quanta Services, Inc. (NYSE:PWR) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 726 shares of the construction company’s stock, valued at approximately $220,000.

Several other hedge funds have also recently bought and sold shares of PWR. Vanguard Group Inc. increased its holdings in shares of Quanta Services by 1.0% in the 4th 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 during the period. State Street Corp grew its position in Quanta Services by 1.6% during the third quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock valued at $1,713,956,000 after purchasing an additional 89,975 shares in the last quarter. Geode Capital Management LLC increased its stake in Quanta Services by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company’s stock valued at $1,121,830,000 after buying an additional 99,416 shares during the period. Norges Bank purchased a new stake in Quanta Services in the 4th quarter worth approximately $544,937,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Quanta Services by 4.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,024,510 shares of the construction company’s stock valued at $323,797,000 after buying an additional 45,486 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Trading Up 2.6 %

Shares of PWR stock opened at $264.62 on Thursday. The firm has a market capitalization of $39.22 billion, a P/E ratio of 43.88, a price-to-earnings-growth ratio of 1.41 and a beta of 1.10. Quanta Services, Inc. has a 1 year low of $227.11 and a 1 year high of $365.88. The firm’s fifty day simple moving average is $277.57 and its 200 day simple moving average is $304.58. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.12. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The company had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.61 billion. As a group, sell-side analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on PWR shares. Stifel Nicolaus cut their price objective on Quanta Services from $388.00 to $323.00 and set a “buy” rating for the company in a report on Monday, February 24th. Guggenheim started coverage on Quanta Services in a report on Wednesday, January 8th. They set a “neutral” rating for the company. Truist Financial dropped their price objective on Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Daiwa America downgraded shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. raised their price target on shares of Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus target price of $326.79.

About Quanta Services

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.