Cabot Wealth Management Inc. Makes New Investment in Quanta Services, Inc. $PWR

Cabot Wealth Management Inc. bought a new stake in shares of Quanta Services, Inc. (NYSE:PWR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,721 shares of the construction company’s stock, valued at approximately $6,888,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management boosted its holdings in shares of Quanta Services by 2.1% in the 3rd quarter. Ritholtz Wealth Management now owns 6,342 shares of the construction company’s stock valued at $4,075,000 after buying an additional 130 shares in the last quarter. First Command Advisory Services Inc. raised its stake in shares of Quanta Services by 243.3% during the 3rd quarter. First Command Advisory Services Inc. now owns 539 shares of the construction company’s stock worth $346,000 after acquiring an additional 382 shares in the last quarter. DSG Capital Advisors LLC raised its stake in shares of Quanta Services by 0.7% during the 3rd quarter. DSG Capital Advisors LLC now owns 16,841 shares of the construction company’s stock worth $10,821,000 after acquiring an additional 111 shares in the last quarter. Silver Grove Financial Group Inc. lifted its position in Quanta Services by 54.7% during the third quarter. Silver Grove Financial Group Inc. now owns 147 shares of the construction company’s stock valued at $94,000 after acquiring an additional 52 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC lifted its position in Quanta Services by 41.6% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 7,348 shares of the construction company’s stock valued at $4,721,000 after acquiring an additional 2,160 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on PWR shares. Mizuho set a $684.00 price target on shares of Quanta Services in a report on Wednesday, October 7th. Truist Financial increased their price objective on Quanta Services from $945.00 to $960.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. Guggenheim raised Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 price objective for the company in a research report on Friday, July 31st. Oppenheimer dropped their target price on Quanta Services from $835.00 to $800.00 and set an “outperform” rating on the stock in a research note on Monday, November 2nd. Finally, Piper Sandler reduced their target price on Quanta Services from $714.00 to $701.00 and set an “overweight” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $763.31.

Quanta Services Trading Up 4.3%

Shares of Quanta Services stock opened at $608.04 on Thursday. The firm’s 50 day simple moving average is $628.08 and its two-hundred day simple moving average is $628.26. The firm has a market capitalization of $91.62 billion, a price-to-earnings ratio of 55.08, a PEG ratio of 1.49 and a beta of 1.29. Quanta Services, Inc. has a 12-month low of $408.36 and a 12-month high of $788.75. The company has a current ratio of 1.16, a quick ratio of 1.13 and a debt-to-equity ratio of 0.60.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, October 29th. The construction company reported $6.06 earnings per share for the quarter, beating analysts’ consensus estimates of $5.02 by $1.04. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The firm had revenue of $12.01 billion for the quarter, compared to analyst estimates of $11.03 billion. During the same period in the previous year, the company earned $3.33 earnings per share. The business’s quarterly revenue was up 57.4% compared to the same quarter last year. Analysts predict that Quanta Services, Inc. will post 16.61 EPS for the current year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.1%. The ex-dividend date was Thursday, October 1st. Quanta Services’s payout ratio is presently 3.99%.

About Quanta Services

Quanta Services, Inc. provides specialized contracting and infrastructure services to the electric power, energy and communications industries. Its work spans the planning, design, construction, repair and maintenance of essential infrastructure. The company’s services include electric transmission and distribution lines, substations, renewable energy facilities, natural gas and pipeline systems, and communications networks. Quanta supports projects across the infrastructure lifecycle, from initial development and construction to ongoing upgrades and maintenance.