Bridgewater Associates LP Purchases New Holdings in Quanta Services, Inc. (NYSE:PWR)

Bridgewater Associates LP purchased a new stake in Quanta Services, Inc. (NYSE:PWR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 39,082 shares of the construction company’s stock, valued at approximately $11,652,000.

Other hedge funds have also made changes to their positions in the company. Cambridge Trust Co. purchased a new stake in shares of Quanta Services in the 1st quarter valued at approximately $26,000. Valley Wealth Managers Inc. purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $33,000. Quest Partners LLC purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $35,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Quanta Services in the 2nd quarter valued at approximately $38,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Quanta Services in the 3rd quarter worth approximately $41,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PWR. UBS Group upped their price target on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. started coverage on Quanta Services in a research report on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price on the stock. TD Cowen lifted their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Robert W. Baird boosted their price target on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus lifted their target price on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Stock Performance

NYSE:PWR opened at $343.94 on Friday. The firm has a market capitalization of $50.77 billion, a PE ratio of 63.46 and a beta of 1.01. Quanta Services, Inc. has a 1 year low of $180.97 and a 1 year high of $350.19. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The firm’s fifty day simple moving average is $313.56 and its 200 day simple moving average is $281.85.

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

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s payout ratio is 6.64%.

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.