Fortitude Advisory Group L.L.C. Trims Position in Quanta Services, Inc. $PWR

Fortitude Advisory Group L.L.C. lessened its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 2.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,060 shares of the construction company’s stock after selling 29 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in Quanta Services were worth $401,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Old Port Advisors grew its holdings in Quanta Services by 0.7% during the 2nd quarter. Old Port Advisors now owns 3,944 shares of the construction company’s stock valued at $1,491,000 after buying an additional 26 shares in the last quarter. Pinnacle Wealth Planning Services Inc. grew its holdings in Quanta Services by 3.5% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company’s stock valued at $242,000 after buying an additional 32 shares in the last quarter. Frank Rimerman Advisors LLC grew its holdings in Quanta Services by 1.1% during the 1st quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company’s stock valued at $792,000 after buying an additional 34 shares in the last quarter. Legacy Capital Wealth Partners LLC grew its holdings in Quanta Services by 3.4% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company’s stock valued at $277,000 after buying an additional 36 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its position in shares of Quanta Services by 2.6% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company’s stock valued at $365,000 after acquiring an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Performance

NYSE:PWR opened at $421.88 on Friday. The business has a 50 day moving average of $389.67 and a 200 day moving average of $350.08. The company has a market capitalization of $62.86 billion, a price-to-earnings ratio of 65.31, a PEG ratio of 2.50 and a beta of 1.04. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $431.24. 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 (NYSE:PWR) last released its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.04. The company had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.Quanta Services’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 EPS. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. On average, sell-side analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 1st. Quanta Services’s payout ratio is 6.19%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Jefferies Financial Group upgraded Quanta Services from a “hold” rating to a “buy” rating and lifted their price target for the company from $398.00 to $469.00 in a research report on Wednesday, September 24th. Daiwa America downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 1st. DA Davidson lifted their price target on Quanta Services from $305.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Truist Financial lifted their price target on Quanta Services from $375.00 to $472.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Finally, UBS Group lifted their price target on Quanta Services from $413.00 to $474.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Fourteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $404.27.

Quanta Services Company 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.