Kennedy Investment Group Raises Holdings in Quanta Services, Inc. (NYSE:PWR)

Kennedy Investment Group grew its position in Quanta Services, Inc. (NYSE:PWR) by 22.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,215 shares of the construction company’s stock after buying an additional 599 shares during the quarter. Kennedy Investment Group’s holdings in Quanta Services were worth $817,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PWR. Norges Bank purchased a new stake in Quanta Services in the fourth quarter worth about $544,937,000. Capital World Investors lifted its position in shares of Quanta Services by 14.1% in the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company’s stock worth $2,282,978,000 after purchasing an additional 891,977 shares during the period. GAMMA Investing LLC lifted its position in shares of Quanta Services by 22,475.0% in the 1st quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company’s stock worth $207,261,000 after purchasing an additional 811,797 shares during the period. Raymond James Financial Inc. purchased a new stake in Quanta Services during the fourth quarter worth $203,068,000. Finally, Bank of America Corp DE lifted its holdings in Quanta Services by 42.8% during the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company’s stock worth $534,647,000 after buying an additional 506,722 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Trading Up 0.0%

NYSE PWR opened at $360.51 on Friday. The company has a fifty day simple moving average of $326.30 and a two-hundred day simple moving average of $305.35. The stock has a market cap of $53.45 billion, a P/E ratio of 58.15, a P/E/G ratio of 2.81 and a beta of 1.07. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $367.00. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The firm’s quarterly revenue was up 23.9% on a year-over-year basis. During the same quarter last year, the business posted $1.41 EPS. On average, analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date of this dividend is Tuesday, July 1st. Quanta Services’s dividend payout ratio is presently 6.45%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PWR. Argus set a $375.00 target price on Quanta Services in a report on Monday, May 5th. Truist Financial decreased their price objective on Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group restated a “buy” rating and set a $414.00 price objective (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Daiwa Capital Markets lowered shares of Quanta Services from an “outperform” rating to a “neutral” rating in a research report on Monday, February 24th. Finally, TD Cowen increased their price target on shares of Quanta Services from $335.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $349.65.

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.