Cadence Bank NA Acquires New Position in Quanta Services Inc (PWR)

Cadence Bank NA acquired a new stake in shares of Quanta Services Inc (NYSE:PWR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,364 shares of the construction company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. First National Bank of Omaha lifted its stake in shares of Quanta Services by 1.8% during the third quarter. First National Bank of Omaha now owns 146,250 shares of the construction company’s stock valued at $4,882,000 after buying an additional 2,625 shares during the period. Virginia Retirement Systems ET AL purchased a new position in shares of Quanta Services during the third quarter valued at approximately $574,000. Bank of The West lifted its stake in shares of Quanta Services by 2.5% during the third quarter. Bank of The West now owns 86,342 shares of the construction company’s stock valued at $2,882,000 after buying an additional 2,140 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of Quanta Services by 82.7% during the third quarter. Meeder Asset Management Inc. now owns 75,185 shares of the construction company’s stock valued at $2,511,000 after buying an additional 34,035 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in shares of Quanta Services by 18.0% during the third quarter. Wells Fargo & Company MN now owns 594,280 shares of the construction company’s stock valued at $19,836,000 after buying an additional 90,780 shares during the period. 85.42% of the stock is currently owned by institutional investors and hedge funds.

NYSE:PWR opened at $34.84 on Friday. The company has a current ratio of 1.86, a quick ratio of 1.81 and a debt-to-equity ratio of 0.25. The company has a market cap of $5.18 billion, a price-to-earnings ratio of 19.57, a P/E/G ratio of 1.73 and a beta of 0.84. Quanta Services Inc has a fifty-two week low of $30.25 and a fifty-two week high of $40.10.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, November 1st. The construction company reported $0.88 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.09). The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Quanta Services had a return on equity of 8.57% and a net margin of 3.32%. The business’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS. On average, equities analysts predict that Quanta Services Inc will post 2.52 earnings per share for the current fiscal year.

Quanta Services declared that its board has authorized a share buyback program on Tuesday, September 4th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Several equities analysts recently issued reports on PWR shares. B. Riley upped their price objective on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, August 6th. Cfra reissued a “buy” rating and set a $40.00 price objective on shares of Quanta Services in a research note on Thursday, September 6th. Citigroup reduced their price objective on shares of Quanta Services from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Zacks Investment Research raised shares of Quanta Services from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday, October 23rd. Finally, ValuEngine raised shares of Quanta Services from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Quanta Services presently has a consensus rating of “Buy” and an average price target of $44.80.

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Quanta Services Company Profile

Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.

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Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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