Bridgewater Associates LP Invests $11.65 Million in Quanta Services, Inc. (NYSE:PWR)

Bridgewater Associates LP purchased a new position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 39,082 shares of the construction company's stock, valued at approximately $11,652,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PWR. Cambridge Trust Co. acquired a new position in Quanta Services in the first quarter valued at $26,000. Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services during the 2nd quarter valued at about $33,000. Quest Partners LLC acquired a new stake in Quanta Services during the second quarter worth approximately $35,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Quanta Services in the second quarter worth approximately $38,000. Finally, MidAtlantic Capital Management Inc. acquired a new position in Quanta Services in the third quarter valued at approximately $41,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Quanta Services Stock Up 0.2 %

Shares of PWR stock traded up $0.58 on Friday, hitting $344.52. The stock had a trading volume of 370,777 shares, compared to its average volume of 893,141. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The business has a 50 day moving average of $314.64 and a 200 day moving average of $282.28. Quanta Services, Inc. has a 12-month low of $186.18 and a 12-month high of $350.19. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 63.56 and a beta of 1.01.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. During the same quarter last year, the business posted $2.08 EPS. The company's revenue for the quarter was up 15.5% on a year-over-year basis. As a group, analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from Quanta Services's previous quarterly dividend of $0.09. Quanta Services's dividend payout ratio is 7.38%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PWR. Wolfe Research initiated coverage on shares of Quanta Services in a research note on Thursday, September 19th. They issued an "outperform" rating and a $313.00 price objective for the company. B. Riley lifted their price target on shares of Quanta Services from $286.00 to $303.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. Truist Financial increased their price objective 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. TD Cowen boosted their target price on Quanta Services from $280.00 to $335.00 and gave the company a "buy" rating in a research report on Tuesday, October 15th. Finally, UBS Group increased their price target on Quanta Services from $313.00 to $367.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $314.27.

Quanta Services 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.