Chase Investment Counsel Corp Cuts Position in Quanta Services, Inc. (NYSE:PWR)

Chase Investment Counsel Corp lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,616 shares of the construction company’s stock after selling 418 shares during the quarter. Quanta Services comprises 1.4% of Chase Investment Counsel Corp’s portfolio, making the stock its 28th largest position. Chase Investment Counsel Corp’s holdings in Quanta Services were worth $4,303,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Webster Bank N. A. grew its holdings in Quanta Services by 4,050.0% in the fourth quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock worth $26,000 after purchasing an additional 81 shares during the period. Sierra Ocean LLC bought a new position in shares of Quanta Services in the fourth quarter worth approximately $27,000. Legacy Investment Solutions LLC bought a new position in shares of Quanta Services in the third quarter worth approximately $31,000. Prestige Wealth Management Group LLC bought a new position in shares of Quanta Services in the third quarter worth approximately $30,000. Finally, Sound Income Strategies LLC lifted its stake in shares of Quanta Services by 700.0% in the fourth quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock worth $33,000 after buying an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PWR. Stifel Nicolaus dropped their target price on shares of Quanta Services from $388.00 to $323.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Bank of America began coverage on shares of Quanta Services in a research note on Friday, January 24th. They issued a “buy” rating and a $407.00 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Roth Capital upgraded shares of Quanta Services to a “strong-buy” rating in a research report on Thursday, February 20th. Finally, Truist Financial lowered their price objective on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Six analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.95.

Quanta Services Stock Performance

Shares of NYSE:PWR opened at $259.32 on Friday. Quanta Services, Inc. has a 52 week low of $227.11 and a 52 week high of $365.88. The stock has a market capitalization of $38.43 billion, a P/E ratio of 43.01, a PEG ratio of 1.41 and a beta of 1.05. The firm has a fifty day simple moving average of $310.62 and a two-hundred day simple moving average of $305.40. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.12. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The business had revenue of $6.55 billion during the quarter, compared to analysts’ expectations of $6.61 billion. On average, analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

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.