Covalis Capital LLP Purchases Shares of 16,430 Quanta Services, Inc. (NYSE:PWR)

Covalis Capital LLP purchased a new stake in Quanta Services, Inc. (NYSE:PWR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,430 shares of the construction company's stock, valued at approximately $5,193,000.

Other hedge funds have also recently bought and sold shares of the company. Webster Bank N. A. grew its position in Quanta Services by 4,050.0% in the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company's stock worth $26,000 after purchasing an additional 81 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Quanta Services in the fourth quarter worth about $27,000. Sound Income Strategies LLC lifted its stake in shares of Quanta Services by 700.0% during the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company's stock valued at $33,000 after buying an additional 91 shares in the last quarter. Centricity Wealth Management LLC bought a new position in Quanta Services in the 4th quarter worth approximately $34,000. Finally, Versant Capital Management Inc raised its holdings in Quanta Services by 62.5% during the 4th quarter. Versant Capital Management Inc now owns 117 shares of the construction company's stock valued at $37,000 after acquiring an additional 45 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on PWR shares. Truist Financial cut their target price on Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Citigroup cut their price objective on Quanta Services from $394.00 to $371.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Piper Sandler began coverage on Quanta Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $286.00 price objective on the stock. Daiwa Capital Markets lowered shares of Quanta Services from an "outperform" rating to a "neutral" rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. lifted their price objective on Quanta Services from $297.00 to $323.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $319.25.

Quanta Services Price Performance

PWR traded up $8.41 during trading on Thursday, reaching $282.72. 834,432 shares of the company traded hands, compared to its average volume of 1,635,619. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30. The company has a market cap of $41.92 billion, a P/E ratio of 46.89, a PEG ratio of 1.41 and a beta of 1.04. The firm has a fifty day simple moving average of $261.88 and a 200 day simple moving average of $300.80. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $365.88.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.12. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. The firm had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.61 billion. On average, equities analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Quanta Services's payout ratio is 6.63%.

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.