SummitTX Capital L.P. Invests $1.11 Million in Quanta Services, Inc. $PWR

SummitTX Capital L.P. purchased a new stake in shares of Quanta Services, Inc. (NYSE:PWR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,019 shares of the construction company’s stock, valued at approximately $1,108,000.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in Quanta Services by 2.1% during the 4th quarter. State Street Corp now owns 6,206,761 shares of the construction company’s stock worth $2,619,626,000 after acquiring an additional 126,014 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Quanta Services by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company’s stock valued at $1,718,371,000 after purchasing an additional 110,360 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Quanta Services by 35.2% in the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock worth $1,230,493,000 after purchasing an additional 758,862 shares during the period. Bank of America Corp DE lifted its position in shares of Quanta Services by 4.9% in the 2nd quarter. Bank of America Corp DE now owns 2,150,718 shares of the construction company’s stock worth $813,144,000 after purchasing an additional 99,782 shares during the period. Finally, Norges Bank bought a new position in shares of Quanta Services during the fourth quarter valued at approximately $817,285,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Stock Performance

Shares of PWR stock opened at $561.14 on Thursday. Quanta Services, Inc. has a 12-month low of $363.01 and a 12-month high of $788.75. The business’s fifty day simple moving average is $682.41 and its 200-day simple moving average is $610.16. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The company has a market cap of $84.21 billion, a PE ratio of 76.97, a PEG ratio of 2.32 and a beta of 1.21.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion during the quarter, compared to analysts’ expectations of $7 billion. During the same quarter last year, the firm earned $1.78 EPS. The business’s quarterly revenue was up 26.3% on a year-over-year basis. Analysts expect that Quanta Services, Inc. will post 12.8 earnings per share for the current fiscal year.

Quanta Services announced that its Board of Directors has authorized a share repurchase plan on Friday, May 22nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Quanta Services’s dividend payout ratio (DPR) is currently 6.04%.

Insider Transactions at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 25,992 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the transaction, the chief executive officer owned 16,508 shares in the company, valued at $12,722,880.68. This represents a 61.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the transaction, the chief accounting officer directly owned 8,080 shares of the company’s stock, valued at $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 159,992 shares of company stock worth $123,244,714 in the last 90 days. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PWR shares. Robert W. Baird boosted their price objective on shares of Quanta Services from $606.00 to $777.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. BMO Capital Markets increased their target price on Quanta Services from $650.00 to $800.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Zacks Research downgraded Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. BNP Paribas Exane assumed coverage on Quanta Services in a research report on Tuesday, April 14th. They issued a “neutral” rating for the company. Finally, Oppenheimer upgraded Quanta Services from a “market perform” rating to an “outperform” rating and set a $800.00 price objective for the company in a research note on Thursday, May 28th. Seventeen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $745.55.

Quanta Services Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.