Pallas Capital Advisors LLC Decreases Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Pallas Capital Advisors LLC lowered its stake in Quanta Services, Inc. (NYSE:PWR) by 13.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,505 shares of the construction company’s stock after selling 1,740 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Quanta Services were worth $3,565,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Terra Nova Asset Management LLC lifted its stake in shares of Quanta Services by 0.3% in the 3rd quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after purchasing an additional 38 shares during the period. Greenleaf Trust increased its holdings in Quanta Services by 1.2% during the third quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock valued at $940,000 after buying an additional 38 shares during the last quarter. EP Wealth Advisors LLC raised its position in Quanta Services by 0.6% in the second quarter. EP Wealth Advisors LLC now owns 6,994 shares of the construction company’s stock worth $1,777,000 after acquiring an additional 39 shares during the period. Whittier Trust Co. boosted its stake in shares of Quanta Services by 0.7% during the 3rd quarter. Whittier Trust Co. now owns 5,894 shares of the construction company’s stock worth $1,757,000 after acquiring an additional 39 shares during the last quarter. Finally, Westside Investment Management Inc. increased its stake in shares of Quanta Services by 20.5% in the 2nd quarter. Westside Investment Management Inc. now owns 241 shares of the construction company’s stock worth $61,000 after purchasing an additional 41 shares in the last quarter. Institutional investors own 90.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PWR. Citigroup lifted their target price on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Robert W. Baird boosted their price objective on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Truist Financial raised their target price on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. TD Cowen upped their price target on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Finally, UBS Group raised their price objective on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $308.07.

Quanta Services Stock Up 1.7 %

PWR opened at $313.36 on Tuesday. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $317.91. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The firm has a 50-day simple moving average of $287.34 and a two-hundred day simple moving average of $271.41. The company has a market capitalization of $46.17 billion, a PE ratio of 59.12 and a beta of 1.01.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The business had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter last year, the business posted $1.47 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts forecast that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s payout ratio is 6.79%.

Insider Buying and Selling at Quanta Services

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the sale, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the transaction, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James Redgie Probst sold 34,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the sale, the chief operating officer now owns 29,002 shares in the company, valued at $7,541,390.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 over the last 90 days. 1.10% of the stock is owned by insiders.

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.