Quanta Services (NYSE:PWR) Sets New 12-Month High Following Dividend Announcement

Quanta Services, Inc. (NYSE:PWR)’s stock price reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as $340.74 and last traded at $340.01, with a volume of 47981 shares trading hands. The stock had previously closed at $332.34.

The newly announced dividend which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, January 2nd. Quanta Services’s payout ratio is presently 6.64%.

Analysts Set New Price Targets

PWR has been the topic of several analyst reports. Truist Financial lifted their price objective on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a research report on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price for the company. Robert W. Baird lifted their price target on Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Stifel Nicolaus upped their price objective on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Jefferies Financial Group started coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Stock Performance

The stock has a market cap of $50.47 billion, a price-to-earnings ratio of 62.85 and a beta of 1.01. The company’s 50 day simple moving average is $307.80 and its 200 day simple moving average is $279.67. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the previous year, the company earned $2.08 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts anticipate that Quanta Services, Inc. will post 7.88 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. EntryPoint Capital LLC bought a new stake in Quanta Services during the first quarter worth approximately $25,000. Quadrature Capital Ltd bought a new stake in shares of Quanta Services in the first quarter valued at about $1,128,000. LRI Investments LLC bought a new stake in shares of Quanta Services in the 1st quarter worth approximately $80,000. Lazard Asset Management LLC raised its stake in shares of Quanta Services by 71,012.5% in the first quarter. Lazard Asset Management LLC now owns 5,689 shares of the construction company’s stock valued at $1,478,000 after purchasing an additional 5,681 shares in the last quarter. Finally, BOKF NA boosted its stake in Quanta Services by 25.4% during the first quarter. BOKF NA now owns 3,505 shares of the construction company’s stock worth $909,000 after buying an additional 709 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

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.