Citigroup Inc. Cuts Stake in Quanta Services, Inc. $PWR

Citigroup Inc. decreased its stake in Quanta Services, Inc. (NYSE:PWR) by 4.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 556,597 shares of the construction company’s stock after selling 22,965 shares during the period. Citigroup Inc.’s holdings in Quanta Services were worth $210,438,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cullen Frost Bankers Inc. acquired a new stake in Quanta Services in the first quarter valued at approximately $25,000. Copia Wealth Management boosted its stake in shares of Quanta Services by 509.1% in the second quarter. Copia Wealth Management now owns 67 shares of the construction company’s stock valued at $25,000 after purchasing an additional 56 shares during the period. SOA Wealth Advisors LLC. grew its holdings in Quanta Services by 159.3% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 70 shares of the construction company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Solstein Capital LLC increased its stake in Quanta Services by 185.7% during the 2nd quarter. Solstein Capital LLC now owns 80 shares of the construction company’s stock worth $30,000 after buying an additional 52 shares during the period. Finally, WPG Advisers LLC acquired a new position in Quanta Services in the 1st quarter worth $31,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Quanta Services

In related news, insider Gerald A. Ducey, Jr. sold 7,653 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $446.08, for a total value of $3,413,850.24. Following the sale, the insider owned 19,960 shares of the company’s stock, valued at approximately $8,903,756.80. This trade represents a 27.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bernard Fried sold 4,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $452.19, for a total value of $1,808,760.00. Following the transaction, the director owned 12,493 shares of the company’s stock, valued at approximately $5,649,209.67. The trade was a 24.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 32,002 shares of company stock worth $14,295,857. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Evercore ISI raised their target price on Quanta Services from $410.00 to $480.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Mizuho set a $415.00 price objective on Quanta Services in a report on Tuesday, October 28th. DA Davidson increased their target price on Quanta Services from $305.00 to $395.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Wall Street Zen downgraded shares of Quanta Services from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Argus set a $540.00 price target on shares of Quanta Services in a report on Friday, October 31st. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Quanta Services currently has an average rating of “Hold” and a consensus target price of $438.64.

Quanta Services Price Performance

Shares of PWR opened at $426.70 on Tuesday. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The firm has a market cap of $63.63 billion, a price-to-earnings ratio of 66.05, a PEG ratio of 2.66 and a beta of 1.10. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $469.43. The stock has a 50 day moving average of $422.15 and a 200-day moving average of $388.23.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 30th. The construction company reported $3.33 EPS for the quarter, topping analysts’ consensus estimates of $3.24 by $0.09. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The firm had revenue of $7.63 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the previous year, the company posted $2.72 earnings per share. The firm’s revenue was up 17.5% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.330-10.830 EPS. As a group, analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors 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 yield of 0.1%. Quanta Services’s dividend payout ratio is 5.93%.

Quanta Services 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.