Verus Capital Partners LLC Raises Stock Position in Quanta Services, Inc. (NYSE:PWR)

Verus Capital Partners LLC boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 8.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,300 shares of the construction company’s stock after acquiring an additional 97 shares during the period. Verus Capital Partners LLC’s holdings in Quanta Services were worth $330,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PWR. EntryPoint Capital LLC purchased a new position in Quanta Services during the first quarter valued at approximately $25,000. Private Ocean LLC purchased a new position in Quanta Services in the 1st quarter worth approximately $26,000. Salomon & Ludwin LLC purchased a new position in Quanta Services in the 1st quarter worth approximately $26,000. Cambridge Trust Co. purchased a new position in Quanta Services in the 1st quarter worth approximately $26,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in Quanta Services in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Down 6.4 %

Shares of PWR opened at $257.59 on Wednesday. The firm has a 50 day moving average price of $259.98 and a 200-day moving average price of $258.66. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The firm has a market cap of $37.71 billion, a price-to-earnings ratio of 49.92 and a beta of 1.03.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company had revenue of $5.59 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the business posted $1.47 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Quanta Services, Inc. will post 7.78 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. Quanta Services’s dividend payout ratio is currently 6.98%.

Insider Activity at Quanta Services

In related news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the sale, the insider now directly owns 10,631 shares in the company, valued at approximately $2,875,791.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the transaction, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 in the last three months. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PWR has been the subject of a number of research reports. Truist Financial reissued a “buy” rating and issued a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Northland Securities boosted their price target on shares of Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Argus boosted their price target on shares of Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. DA Davidson boosted their price target on shares of Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Finally, TD Cowen boosted their price target on shares of Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $287.09.

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.