Empowered Funds LLC Grows Stake in Quanta Services, Inc. $PWR

Empowered Funds LLC lifted its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 26.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,918 shares of the construction company’s stock after acquiring an additional 5,042 shares during the quarter. Empowered Funds LLC’s holdings in Quanta Services were worth $13,131,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in PWR. Cedar Mountain Advisors LLC lifted its position in shares of Quanta Services by 321.4% in the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock worth $25,000 after purchasing an additional 45 shares during the period. Darwin Wealth Management LLC purchased a new position in shares of Quanta Services during the second quarter valued at about $26,000. Boreal Capital Management LLC bought a new position in Quanta Services in the first quarter worth about $27,000. Flagship Harbor Advisors LLC purchased a new stake in Quanta Services in the fourth quarter worth about $28,000. Finally, MV Capital Management Inc. bought a new stake in Quanta Services during the 4th quarter valued at approximately $30,000. Institutional investors own 90.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PWR shares. Zacks Research downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. BNP Paribas Exane started coverage on Quanta Services in a research report on Tuesday, April 14th. They set a “neutral” rating on the stock. Mizuho set a $645.00 price target on Quanta Services in a research note on Monday, July 20th. The Goldman Sachs Group raised their price objective on Quanta Services from $685.00 to $826.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Finally, CICC Research initiated coverage on shares of Quanta Services in a report on Thursday, May 21st. They set an “outperform” rating and a $872.00 target price on the stock. Seventeen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $745.55.

Insider Activity

In related news, CAO Paul Nobel sold 4,000 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the transaction, the chief accounting officer owned 8,080 shares in the company, valued at $6,116,398.40. The trade was a 33.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the sale, the chief executive officer directly owned 556,911 shares in the company, valued at $429,183,462.15. This trade represents a 18.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 159,992 shares of company stock valued at $123,244,714. 0.60% of the stock is owned by insiders.

Quanta Services Stock Performance

Shares of PWR opened at $561.14 on Thursday. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. The stock has a market cap of $84.21 billion, a P/E ratio of 76.97, a P/E/G ratio of 2.32 and a beta of 1.21. The business’s 50 day moving average price is $682.41 and its 200-day moving average price is $610.16. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The company had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter last year, the company earned $1.78 EPS. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. Equities research analysts anticipate that Quanta Services, Inc. will post 12.8 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were issued a dividend of $0.11 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is presently 6.04%.

Quanta Services declared that its Board of Directors has authorized a share repurchase program on Friday, May 22nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

About Quanta Services

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.