Paloma Partners Management Co Reduces Stake in Quanta Services, Inc. (NYSE:PWR)

Paloma Partners Management Co cut its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 14.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,051 shares of the construction company’s stock after selling 873 shares during the quarter. Paloma Partners Management Co’s holdings in Quanta Services were worth $1,312,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. EntryPoint Capital LLC purchased a new position in shares of Quanta Services during the 1st quarter worth $25,000. Private Ocean LLC purchased a new position in shares of Quanta Services during the 1st quarter worth $26,000. Salomon & Ludwin LLC purchased a new position in shares of Quanta Services during the 1st quarter worth $26,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Quanta Services during the 4th quarter worth $34,000. Finally, Hazlett Burt & Watson Inc. lifted its stake in Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Down 0.2 %

Shares of PWR stock traded down $0.51 during trading hours on Monday, reaching $256.22. The company had a trading volume of 703,357 shares, compared to its average volume of 944,792. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. Quanta Services, Inc. has a twelve month low of $153.74 and a twelve month high of $286.87. The company has a market capitalization of $37.51 billion, a P/E ratio of 49.66 and a beta of 1.03. The stock’s fifty day simple moving average is $266.66 and its 200 day simple moving average is $247.80.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The firm had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $4.96 billion. As a group, sell-side analysts expect that Quanta Services, Inc. will post 7.69 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Monday, July 1st. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Analysts Set New Price Targets

Several research firms recently issued reports on PWR. Truist Financial reissued a “buy” rating and set a $305.00 target price (up previously from $301.00) on shares of Quanta Services in a research note on Monday, May 6th. DA Davidson raised their price target on Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Evercore ISI lifted their target price on Quanta Services from $255.00 to $288.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Citigroup boosted their target price on Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, B. Riley boosted their target price on Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $273.75.

Quanta Services Company 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.