CANADA LIFE ASSURANCE Co Raises Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

CANADA LIFE ASSURANCE Co lifted its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 14.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,512 shares of the construction company's stock after purchasing an additional 13,417 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.07% of Quanta Services worth $33,994,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Quanta Services by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock worth $5,375,828,000 after buying an additional 161,277 shares during the last quarter. Geode Capital Management LLC raised its position in Quanta Services by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock valued at $1,121,830,000 after purchasing an additional 99,416 shares during the period. Invesco Ltd. increased its position in shares of Quanta Services by 3.7% during the 4th quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock valued at $604,871,000 after purchasing an additional 68,565 shares during the last quarter. Norges Bank purchased a new position in Quanta Services during the fourth quarter worth $544,937,000. Finally, Bank of New York Mellon Corp raised its position in Quanta Services by 4.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,024,510 shares of the construction company's stock worth $323,797,000 after purchasing an additional 45,486 shares during the period. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PWR has been the subject of a number of research analyst reports. Bank of America initiated coverage on Quanta Services in a research note on Friday, January 24th. They set a "buy" rating and a $407.00 price target for the company. Piper Sandler started coverage on Quanta Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $286.00 price target on the stock. Roth Mkm assumed coverage on Quanta Services in a report on Friday, February 21st. They set a "buy" rating and a $350.00 target price for the company. B. Riley restated a "neutral" rating and set a $300.00 price objective (down from $343.00) on shares of Quanta Services in a research note on Wednesday, March 19th. Finally, Daiwa America upgraded Quanta Services from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Quanta Services has a consensus rating of "Moderate Buy" and a consensus target price of $319.25.

Quanta Services Stock Performance

NYSE PWR traded up $7.99 on Thursday, reaching $282.30. 677,614 shares of the company's stock traded hands, compared to its average volume of 1,634,257. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $365.88. 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 firm has a market cap of $41.85 billion, a price-to-earnings ratio of 46.82, a P/E/G ratio of 1.41 and a beta of 1.04. The stock has a 50 day moving average price of $261.88 and a 200-day moving average price of $300.80.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, topping analysts' consensus estimates of $2.62 by $0.12. The firm had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.61 billion. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. Equities research analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

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

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.