Abundance Wealth Counselors Has $1.67 Million Stock Position in Quanta Services, Inc. (NYSE:PWR)

Abundance Wealth Counselors reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 6.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,563 shares of the construction company’s stock after selling 452 shares during the quarter. Quanta Services makes up 0.8% of Abundance Wealth Counselors’ holdings, making the stock its 23rd largest holding. Abundance Wealth Counselors’ holdings in Quanta Services were worth $1,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Artisan Partners Limited Partnership lifted its stake in shares of Quanta Services by 384.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock valued at $526,261,000 after buying an additional 1,935,786 shares during the period. Norges Bank bought a new stake in shares of Quanta Services in the 4th quarter worth approximately $335,777,000. Public Employees Retirement Association of Colorado grew its holdings in shares of Quanta Services by 20,298.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock worth $228,248,000 after purchasing an additional 1,052,496 shares in the last quarter. Swedbank AB bought a new stake in shares of Quanta Services during the first quarter valued at approximately $227,218,000. Finally, Capital World Investors lifted its holdings in shares of Quanta Services by 10.7% during the 1st quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock worth $1,726,042,000 after acquiring an additional 643,011 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, COO James Redgie Probst sold 34,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the transaction, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at $7,541,390.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction on 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 completion of the transaction, the insider now directly owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Northland Securities increased their target price on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Truist Financial restated a “buy” rating and set a $319.00 price target (up from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. DA Davidson lifted their price objective on Quanta Services from $225.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Argus increased their target price on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, The Goldman Sachs Group upped their price target on shares of Quanta Services from $259.00 to $286.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $287.09.

Quanta Services Trading Up 1.7 %

Quanta Services stock traded up $4.49 during midday trading on Thursday, hitting $267.96. 584,574 shares of the stock were exchanged, compared to its average volume of 959,478. The company has a fifty day simple moving average of $261.44 and a two-hundred day simple moving average of $252.08. The stock has a market capitalization of $39.23 billion, a PE ratio of 51.93 and a beta of 1.03. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $286.87. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. Quanta Services’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.47 EPS. Equities research analysts anticipate that Quanta Services, Inc. will post 7.71 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.13%. The ex-dividend date of this dividend was Monday, July 1st. Quanta Services’s payout ratio is 6.98%.

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.