Wahed Invest LLC Purchases 398 Shares of Quanta Services, Inc. (NYSE:PWR)

Wahed Invest LLC lifted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 12.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,526 shares of the construction company’s stock after acquiring an additional 398 shares during the period. Wahed Invest LLC’s holdings in Quanta Services were worth $1,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PWR. Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services during the second quarter valued at approximately $33,000. Quest Partners LLC bought a new stake in Quanta Services in the 2nd quarter worth approximately $35,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Quanta Services in the 2nd quarter worth approximately $38,000. MidAtlantic Capital Management Inc. bought a new stake in Quanta Services in the 3rd quarter worth approximately $41,000. Finally, Eastern Bank bought a new stake in Quanta Services in the 3rd quarter worth approximately $44,000. Institutional investors own 90.49% of the company’s stock.

Wall Street Analyst Weigh In

PWR has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their target price on shares of Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. UBS Group lifted their target price on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Truist Financial lifted their target price on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Jefferies Financial Group began coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. Finally, Northland Securities reissued an “outperform” rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

Quanta Services Price Performance

PWR stock opened at $334.97 on Friday. Quanta Services, Inc. has a one year low of $187.27 and a one year high of $350.19. The company’s fifty day moving average price is $318.96 and its 200-day moving average price is $284.83. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market capitalization of $49.44 billion, a PE ratio of 61.80 and a beta of 1.03.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the previous year, the firm earned $2.08 earnings per share. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, equities analysts anticipate that Quanta Services, Inc. will post 7.9 EPS for the current fiscal year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.12%. The ex-dividend date is Thursday, January 2nd. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s payout ratio is currently 6.64%.

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.