AlphaQuest LLC Acquires New Position in Quanta Services, Inc. $PWR

AlphaQuest LLC bought a new position in shares of Quanta Services, Inc. (NYSE:PWR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,961 shares of the construction company’s stock, valued at approximately $813,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC purchased a new position in shares of Quanta Services during the 4th quarter valued at $298,000. Woodline Partners LP raised its holdings in Quanta Services by 40.7% during the first quarter. Woodline Partners LP now owns 12,471 shares of the construction company’s stock valued at $3,170,000 after acquiring an additional 3,606 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Quanta Services in the second quarter valued at about $271,000. Ameriflex Group Inc. boosted its stake in shares of Quanta Services by 93.0% in the second quarter. Ameriflex Group Inc. now owns 83 shares of the construction company’s stock worth $32,000 after acquiring an additional 40 shares during the period. Finally, OLD National Bancorp IN bought a new stake in Quanta Services during the 2nd quarter valued at approximately $7,757,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Donald Wayne sold 14,000 shares of Quanta Services stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $443.81, for a total value of $6,213,340.00. Following the completion of the transaction, the executive vice president owned 34,575 shares in the company, valued at approximately $15,344,730.75. The trade was a 28.82% 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, Director Worthing Jackman sold 6,349 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $450.45, for a total value of $2,859,907.05. Following the sale, the director owned 2,730 shares in the company, valued at $1,229,728.50. The trade was a 69.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 28,002 shares of company stock valued at $12,487,097 in the last ninety days. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

PWR has been the subject of several recent analyst reports. Truist Financial upped their price target on Quanta Services from $472.00 to $521.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Argus set a $540.00 target price on shares of Quanta Services in a research note on Friday, October 31st. Cantor Fitzgerald began coverage on shares of Quanta Services in a research note on Friday, January 23rd. They issued an “overweight” rating and a $520.00 price target on the stock. JPMorgan Chase & Co. upgraded Quanta Services from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $457.00 to $515.00 in a research report on Monday, December 8th. Finally, Sanford C. Bernstein decreased their target price on Quanta Services from $432.00 to $428.00 and set a “market perform” rating on the stock in a research report on Friday, December 19th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus target price of $462.00.

Quanta Services Stock Up 0.6%

Shares of NYSE PWR opened at $477.26 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.66. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $489.05. The firm’s 50-day moving average price is $448.84 and its 200-day moving average price is $423.34. The stock has a market capitalization of $71.17 billion, a price-to-earnings ratio of 70.71, a P/E/G ratio of 2.30 and a beta of 1.15.

Quanta Services Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.