29,340 Shares in Quanta Services, Inc. (NYSE:PWR) Acquired by Scotia Capital Inc.

Scotia Capital Inc. bought a new stake in shares of Quanta Services, Inc. (NYSE:PWR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 29,340 shares of the construction company’s stock, valued at approximately $9,273,000.

Several other hedge funds have also made changes to their positions in PWR. Kestra Private Wealth Services LLC lifted its stake in Quanta Services by 85.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,752 shares of the construction company’s stock worth $1,502,000 after acquiring an additional 2,184 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Quanta Services by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock valued at $61,932,000 after purchasing an additional 11,012 shares in the last quarter. Synovus Financial Corp lifted its position in shares of Quanta Services by 34.0% in the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock worth $2,148,000 after purchasing an additional 1,830 shares during the period. Allstate Corp bought a new position in shares of Quanta Services during the fourth quarter valued at approximately $1,357,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Quanta Services by 4.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,573 shares of the construction company’s stock valued at $5,554,000 after buying an additional 793 shares during the period. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $263.23 on Friday. The stock has a market cap of $39.01 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $365.88. The company has a 50 day simple moving average of $267.81 and a two-hundred day simple moving average of $302.72. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, beating the consensus estimate of $2.62 by $0.12. The company had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. As a group, analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Quanta Services’s dividend payout ratio is presently 6.63%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Daiwa America lowered Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Monday, February 24th. Truist Financial decreased their price objective on Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a research note on Tuesday. BMO Capital Markets upgraded Quanta Services from a “market perform” rating to an “outperform” rating and cut their target price for the company from $338.00 to $316.00 in a research note on Tuesday, February 25th. Citigroup decreased their price target on shares of Quanta Services from $394.00 to $371.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Finally, Stifel Nicolaus cut their price objective on shares of Quanta Services from $323.00 to $287.00 and set a “buy” rating on the stock in a research report on Wednesday. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $319.25.

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.