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    Quanta Services: Insights from Wall Street Analysts and Dividend Increase

    ByThemba Hadebe

    Feb 9, 2024
    Quanta Services: Insights from Wall Street Analysts and Dividend Increase

    The construction company Quanta Services (NYSE:PWR) has seen a decrease in its position by 2.1% during the third quarter, according to NewEdge Wealth LLC’s 13F filing with the SEC. NewEdge Wealth LLC sold 267 shares, resulting in a total of 12,257 shares worth $2,293,000.

    In addition to NewEdge Wealth LLC, other hedge funds and institutional investors have also traded Quanta Services stock. ICA Group Wealth Management LLC bought a new stake in the company in the fourth quarter valued at $26,000. Coppell Advisory Solutions Corp. acquired a new stake in Quanta Services valued at approximately $28,000. Perkins Coie Trust Co purchased a new position worth $30,000 in the third quarter, and Grove Bank & Trust increased its stake by 75.6% to own 158 shares worth $30,000. Lastly, VisionPoint Advisory Group LLC bought a new position in the second quarter valued at approximately $33,000. Together, these institutional investors and hedge funds own 87.86% of Quanta Services’ stock.

    What are Wall Street analysts saying about PWR? The Goldman Sachs Group upgraded the company from a “neutral” to a “buy” rating, while Citigroup gave it a “buy” rating and increased its price target. Stifel Nicolaus also lifted its price objective, and KeyCorp initiated coverage on Quanta Services with a “sector weight” rating. With three hold ratings and six buy ratings, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $220.80.

    Quanta Services recently raised its quarterly dividend compared to the previous quarter. The company’s shareholders received a $0.09 dividend per share, representing a positive change from the previous $0.08 dividend. The new dividend offers an annualized payout of $0.36 and a dividend yield of 0.18%.

    Quanta Services, Inc. provides infrastructure solutions for various industries worldwide, including electric and gas utilities, renewable energy, communications, and pipeline and energy sectors. The company engages in the design, construction, upgrade, maintenance, and repair of electric power infrastructure, as well as the installation and maintenance of smart grid technologies. Quanta Services’ diverse portfolio makes it an attractive investment option.

    With a stock price opening at $202.19 on Tuesday, Quanta Services has a 12-month low of $147.33 and a high of $219.17. Its market cap stands at $29.38 billion, with a PE ratio of 43.11 and a beta of 1.06. The company has a strong financial position and continues to attract investors with its consistent performance in the infrastructure sector.

    In summary, Quanta Services has shown a decrease in its position according to NewEdge Wealth LLC’s filing. However, the company continues to be favored by hedge funds and institutional investors. Wall Street analysts have expressed positive sentiments towards PWR, with several firms giving it a “buy” rating and increasing their price targets. Moreover, Quanta Services recently raised its quarterly dividend, making it an appealing option for income investors. With its strong presence in various infrastructure sectors, Quanta Services is poised for further growth and success.

    FAQ

    1. What has been the change in Quanta Services’ position during the third quarter?
    Quanta Services’ position has decreased by 2.1% during the third quarter, according to NewEdge Wealth LLC’s 13F filing with the SEC.

    2. How many shares did NewEdge Wealth LLC sell?
    NewEdge Wealth LLC sold 267 shares of Quanta Services.

    3. How much were the sold shares worth?
    The 267 shares sold by NewEdge Wealth LLC were worth $2,293,000.

    4. Which other hedge funds and institutional investors have traded Quanta Services stock?
    Other hedge funds and institutional investors that have traded Quanta Services stock include ICA Group Wealth Management LLC, Coppell Advisory Solutions Corp., Perkins Coie Trust Co, Grove Bank & Trust, and VisionPoint Advisory Group LLC.

    5. What is the consensus rating and target price for Quanta Services’ stock?
    The consensus rating for Quanta Services’ stock is “Moderate Buy” with three hold ratings and six buy ratings. The consensus target price is $220.80.

    6. How has Quanta Services’ dividend changed recently?
    Quanta Services recently raised its quarterly dividend compared to the previous quarter. Shareholders now receive a $0.09 dividend per share, which is an increase from the previous $0.08 dividend.

    7. What are the main industries that Quanta Services provides infrastructure solutions for?
    Quanta Services provides infrastructure solutions for industries such as electric and gas utilities, renewable energy, communications, and pipeline and energy sectors.

    8. What is Quanta Services’ stock price range?
    Quanta Services’ stock price has a 12-month low of $147.33 and a high of $219.17.

    9. What is the market cap of Quanta Services?
    Quanta Services has a market cap of $29.38 billion.

    10. What is Quanta Services’ PE ratio?
    Quanta Services’ PE ratio is 43.11.

    11. What is Quanta Services’ beta?
    Quanta Services’ beta is 1.06.

    Definitions

    – 13F filing: A quarterly report filed by institutional investment managers with at least $100 million in assets under management.
    – Hedge funds: Investment funds that pool capital from accredited individuals or institutional investors and use various strategies to generate returns.
    – Institutional investors: Organizations that invest on behalf of individuals and entities, such as pension funds, insurance companies, and mutual funds.
    – Dividend per share: The amount of money a company pays its shareholders for each share they own.
    – PE ratio: Price-to-earnings ratio, which is the ratio of a company’s stock price to its earnings per share.
    – Beta: Measure of a stock’s volatility in relation to the overall market.
    – Market cap: The total value of a company’s outstanding shares of stock calculated by multiplying the stock’s price by the number of shares.
    – Consensus rating: An average rating given by analysts on a stock, representing their collective opinion on its potential performance.
    – Target price: The price at which an analyst believes a stock will trade in the future.