Chase Investment Counsel Corp Lowers Stock Position in Quanta Services, Inc. (NYSE:PWR)

Chase Investment Counsel Corp cut its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 2.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 20,579 shares of the construction company’s stock after selling 477 shares during the period. Quanta Services comprises about 2.0% of Chase Investment Counsel Corp’s holdings, making the stock its 13th biggest holding. Chase Investment Counsel Corp’s holdings in Quanta Services were worth $4,440,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Carnegie Capital Asset Management LLC raised its position in shares of Quanta Services by 24.5% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock valued at $356,000 after buying an additional 325 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock valued at $93,400,000 after purchasing an additional 9,421 shares during the period. Gradient Investments LLC boosted its stake in Quanta Services by 669,187.5% during the fourth quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock worth $11,555,000 after buying an additional 53,535 shares during the period. Saxon Interests Inc. purchased a new position in Quanta Services during the fourth quarter worth about $1,352,000. Finally, Nordea Investment Management AB boosted its stake in Quanta Services by 8,297.7% during the fourth quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after buying an additional 901,548 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PWR has been the subject of several research analyst reports. TD Cowen increased their target price on shares of Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 27th. Truist Financial began coverage on shares of Quanta Services in a research note on Thursday, March 14th. They set a “buy” rating and a $301.00 target price for the company. Evercore ISI began coverage on shares of Quanta Services in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $237.00 price objective for the company. Stifel Nicolaus raised their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, The Goldman Sachs Group raised their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $247.67.

Insider Activity

In related news, EVP Derrick A. Jensen sold 18,500 shares of Quanta Services stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total value of $4,382,650.00. Following the transaction, the executive vice president now directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the sale, the executive vice president now directly owns 40,065 shares in the company, valued at approximately $10,494,626.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the sale, the executive vice president now owns 263,725 shares in the company, valued at $62,476,452.50. The disclosure for this sale can be found here. Insiders have sold 47,125 shares of company stock valued at $11,270,215 in the last ninety days. 1.10% of the stock is currently owned by company insiders.

Quanta Services Stock Up 0.8 %

PWR stock traded up $2.04 during midday trading on Monday, reaching $263.70. 400,336 shares of the company were exchanged, compared to its average volume of 917,357. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.44 and a current ratio of 1.47. Quanta Services, Inc. has a 1-year low of $153.74 and a 1-year high of $265.82. The stock’s 50-day simple moving average is $246.91 and its 200 day simple moving average is $212.10. The company has a market cap of $38.60 billion, a price-to-earnings ratio of 52.23 and a beta of 1.11.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The company had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The firm’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter last year, the company earned $1.54 earnings per share. On average, equities analysts forecast that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were issued a $0.09 dividend. The ex-dividend date was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services’s payout ratio is 7.19%.

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.