Commerce Bank Boosts Stake in Quanta Services, Inc. (NYSE:PWR)

Commerce Bank grew its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,447 shares of the construction company’s stock after buying an additional 220 shares during the period. Commerce Bank’s holdings in Quanta Services were worth $1,624,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Versor Investments LP acquired a new position in Quanta Services in the 3rd quarter valued at about $406,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Quanta Services by 5.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company’s stock valued at $9,366,000 after buying an additional 1,981 shares during the period. Cetera Investment Advisers boosted its position in Quanta Services by 115.0% during the first quarter. Cetera Investment Advisers now owns 39,274 shares of the construction company’s stock worth $10,203,000 after acquiring an additional 21,003 shares during the last quarter. Czech National Bank grew its stake in Quanta Services by 8.9% in the 2nd quarter. Czech National Bank now owns 27,827 shares of the construction company’s stock worth $7,071,000 after acquiring an additional 2,264 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Quanta Services by 892.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,012 shares of the construction company’s stock valued at $262,000 after acquiring an additional 910 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Performance

Shares of NYSE:PWR opened at $341.92 on Friday. The company has a market cap of $50.47 billion, a P/E ratio of 63.08 and a beta of 1.01. Quanta Services, Inc. has a one year low of $180.97 and a one year high of $343.70. The business’s 50-day simple moving average is $309.24 and its 200 day simple moving average is $280.17. 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 posted its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. During the same period in the previous year, the company posted $2.08 earnings per share. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, sell-side analysts forecast that Quanta Services, Inc. will post 7.88 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The firm also recently announced a quarterly 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 of this dividend is Thursday, January 2nd. Quanta Services’s payout ratio is presently 6.64%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PWR shares. Wolfe Research assumed coverage on Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. TD Cowen raised their target price on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Truist Financial upped their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $314.27.

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.