Oppenheimer & Co. Inc. grew its position in Quanta Services Inc (NYSE:PWR) by 9.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,650 shares of the construction company’s stock after acquiring an additional 2,610 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Quanta Services were worth $1,023,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the business. Optimum Investment Advisors acquired a new position in shares of Quanta Services in the 1st quarter worth approximately $101,000. Dupont Capital Management Corp raised its holdings in shares of Quanta Services by 202.9% in the 2nd quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock worth $136,000 after buying an additional 2,737 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Quanta Services in the 2nd quarter worth approximately $204,000. MHI Funds LLC raised its holdings in shares of Quanta Services by 93.9% in the 2nd quarter. MHI Funds LLC now owns 7,708 shares of the construction company’s stock worth $257,000 after buying an additional 3,733 shares in the last quarter. Finally, Maple Capital Management Inc. raised its holdings in shares of Quanta Services by 25.6% in the 1st quarter. Maple Capital Management Inc. now owns 7,612 shares of the construction company’s stock worth $261,000 after buying an additional 1,550 shares in the last quarter. Institutional investors own 85.03% of the company’s stock.
PWR has been the subject of a number of recent research reports. Zacks Investment Research raised Quanta Services from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, May 9th. B. Riley increased their target price on Quanta Services from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Monday, August 6th. Finally, ValuEngine cut Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $46.30.
PWR stock opened at $34.16 on Thursday. Quanta Services Inc has a fifty-two week low of $32.19 and a fifty-two week high of $40.10. The firm has a market cap of $5.15 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 1.73 and a beta of 0.89. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 2nd. The construction company reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.01). Quanta Services had a net margin of 3.10% and a return on equity of 7.72%. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the business earned $0.50 earnings per share. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. equities research analysts expect that Quanta Services Inc will post 2.5 EPS for the current fiscal year.
Quanta Services announced that its board has authorized a share buyback plan on Tuesday, September 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the construction company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
About Quanta Services
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
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