Quanta Services, Inc. $PWR Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 150.6% during the second quarter, Holdings Channel.com reports. The fund owned 419,098 shares of the construction company’s stock after purchasing an additional 251,845 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Quanta Services were worth $156,026,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PWR. Cullen Frost Bankers Inc. acquired a new position in Quanta Services in the first quarter worth approximately $25,000. SOA Wealth Advisors LLC. grew its position in Quanta Services by 159.3% in the second quarter. SOA Wealth Advisors LLC. now owns 70 shares of the construction company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. WPG Advisers LLC acquired a new position in Quanta Services in the first quarter worth approximately $31,000. Ameriflex Group Inc. grew its position in 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 buying an additional 40 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in Quanta Services in the first quarter worth approximately $35,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $417.15 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.32. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $443.97. The business’s 50-day moving average price is $391.79 and its two-hundred day moving average price is $356.25. The company has a market capitalization of $62.16 billion, a P/E ratio of 64.57, a price-to-earnings-growth ratio of 2.47 and a beta of 1.04.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.04. The business had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.The firm’s revenue was up 21.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.90 EPS. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio is 6.19%.

Wall Street Analyst Weigh In

Several research firms have issued reports on PWR. Daiwa America lowered shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 1st. Citigroup lifted their price objective on shares of Quanta Services from $432.00 to $492.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Stifel Nicolaus lifted their price objective on shares of Quanta Services from $432.00 to $475.00 and gave the stock a “buy” rating in a research report on Thursday. TD Cowen lifted their price objective on shares of Quanta Services from $355.00 to $425.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Finally, Northland Securities downgraded Quanta Services from an “outperform” rating to a “market perform” rating and set a $354.00 price objective for the company. in a research note on Wednesday, July 2nd. Fourteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and an average target price of $408.45.

About Quanta Services

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.