Otter Creek Advisors LLC Has $8.18 Million Holdings in Quanta Services, Inc. (NYSE:PWR)

Otter Creek Advisors LLC lifted its stake in Quanta Services, Inc. (NYSE:PWR) by 48.3% in the third quarter, HoldingsChannel reports. The firm owned 27,444 shares of the construction company’s stock after purchasing an additional 8,936 shares during the period. Quanta Services accounts for 5.3% of Otter Creek Advisors LLC’s holdings, making the stock its 2nd biggest position. Otter Creek Advisors LLC’s holdings in Quanta Services were worth $8,182,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. 49 Wealth Management LLC acquired a new position in shares of Quanta Services in the 3rd quarter valued at $268,000. Darden Wealth Group Inc grew its position in Quanta Services by 2.5% during the third quarter. Darden Wealth Group Inc now owns 1,640 shares of the construction company’s stock valued at $489,000 after purchasing an additional 40 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Quanta Services by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 848,776 shares of the construction company’s stock valued at $253,063,000 after buying an additional 11,565 shares during the period. Trustmark National Bank Trust Department acquired a new stake in shares of Quanta Services during the 3rd quarter valued at $212,000. Finally, Citizens Financial Group Inc. RI increased its stake in shares of Quanta Services by 7.9% in the third quarter. Citizens Financial Group Inc. RI now owns 35,207 shares of the construction company’s stock worth $10,497,000 after acquiring an additional 2,584 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analyst Upgrades and Downgrades

PWR has been the topic of a number of recent research reports. Truist Financial boosted their target price on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Wolfe Research assumed coverage on Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective on the stock. Robert W. Baird boosted their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Northland Securities restated an “outperform” rating and set a $328.00 price target (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Finally, TD Cowen upped their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Quanta Services Stock Performance

NYSE:PWR opened at $340.01 on Friday. The firm’s 50-day moving average is $306.37 and its 200-day moving average is $279.24. Quanta Services, Inc. has a 52-week low of $180.97 and a 52-week high of $342.28. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market cap of $50.19 billion, a price-to-earnings ratio of 62.73 and a beta of 1.01.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping 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 company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. The business’s revenue was up 15.5% compared to the same quarter last year. Equities research analysts anticipate that Quanta Services, Inc. will post 7.88 earnings per share for the current year.

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. Quanta Services’s payout ratio is presently 6.64%.

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.