Truist Financial Corp Grows Holdings in Quanta Services, Inc. (NYSE:PWR)

Truist Financial Corp grew its holdings in Quanta Services, Inc. (NYSE:PWR) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 432,810 shares of the construction company’s stock after purchasing an additional 9,421 shares during the period. Truist Financial Corp owned about 0.30% of Quanta Services worth $93,400,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PWR. FMR LLC increased its stake in shares of Quanta Services by 1.1% during the third quarter. FMR LLC now owns 4,229,280 shares of the construction company’s stock valued at $791,171,000 after buying an additional 44,141 shares during the period. Morgan Stanley increased its stake in shares of Quanta Services by 3.3% during the third quarter. Morgan Stanley now owns 1,539,987 shares of the construction company’s stock valued at $288,086,000 after buying an additional 49,602 shares during the period. Northern Trust Corp increased its stake in shares of Quanta Services by 3.9% during the third quarter. Northern Trust Corp now owns 1,452,347 shares of the construction company’s stock valued at $271,691,000 after buying an additional 54,268 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Quanta Services by 2.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,412,589 shares of the construction company’s stock valued at $264,253,000 after buying an additional 40,233 shares during the period. Finally, UBS Group AG increased its stake in shares of Quanta Services by 0.5% during the third quarter. UBS Group AG now owns 947,689 shares of the construction company’s stock valued at $177,284,000 after buying an additional 4,800 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PWR shares. The Goldman Sachs Group raised their price target on Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Truist Financial initiated coverage on Quanta Services in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. DA Davidson lifted their target price on Quanta Services from $190.00 to $225.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Evercore ISI initiated coverage on Quanta Services in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $237.00 target price on the stock. Finally, Citigroup lifted their target price on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $247.67.

Insider Activity at Quanta Services

In related news, EVP Derrick A. Jensen sold 18,500 shares of Quanta Services stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the completion of the transaction, the executive vice president now directly owns 263,725 shares in the company, valued at $62,476,452.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now directly owns 263,725 shares in the company, valued at $62,476,452.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Margaret B. Shannon sold 8,515 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $239.92, for a total value of $2,042,918.80. Following the completion of the sale, the director now owns 34,063 shares of the company’s stock, valued at $8,172,394.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,125 shares of company stock worth $11,270,215. 1.10% of the stock is owned by corporate insiders.

Quanta Services Stock Up 2.5 %

NYSE PWR traded up $6.47 during trading on Friday, hitting $261.66. The company’s stock had a trading volume of 1,180,022 shares, compared to its average volume of 783,667. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44. The company has a market cap of $38.30 billion, a PE ratio of 52.25 and a beta of 1.11. The business’s 50 day simple moving average is $246.91 and its 200-day simple moving average is $211.63. Quanta Services, Inc. has a fifty-two week low of $153.74 and a fifty-two week high of $265.82.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The firm had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter in the previous year, the company posted $1.54 earnings per share. The company’s revenue was up 31.0% compared to the same quarter last year. On average, equities analysts anticipate that Quanta Services, Inc. will post 7.63 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.14%. The ex-dividend date was Monday, April 8th. Quanta Services’s dividend payout ratio is currently 7.19%.

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.