Merit Financial Group LLC Makes New $482,000 Investment in Quanta Services, Inc. (NYSE:PWR)

Merit Financial Group LLC bought a new stake in Quanta Services, Inc. (NYSE:PWR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,524 shares of the construction company’s stock, valued at approximately $482,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PWR. Versor Investments LP purchased a new stake in shares of Quanta Services during the third quarter worth approximately $406,000. Principal Financial Group Inc. increased its stake in Quanta Services by 5.6% in the third quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock valued at $61,932,000 after purchasing an additional 11,012 shares during the period. Asio Capital LLC acquired a new stake in Quanta Services during the 3rd quarter worth approximately $2,715,000. Waverton Investment Management Ltd raised its position in Quanta Services by 6.5% during the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock worth $12,509,000 after buying an additional 2,557 shares during the last quarter. Finally, Synovus Financial Corp boosted its holdings in Quanta Services by 34.0% in the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock valued at $2,148,000 after purchasing an additional 1,830 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PWR has been the topic of a number of research analyst reports. UBS Group boosted their price objective on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Stifel Nicolaus boosted their price objective on shares of Quanta Services from $374.00 to $388.00 and gave the company a “buy” rating in a research report on Wednesday. Northland Securities reissued an “outperform” rating and issued a $328.00 target price (up from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. TD Cowen lifted their price objective on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Truist Financial cut their target price on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and a consensus target price of $325.06.

Quanta Services Stock Down 0.8 %

NYSE PWR opened at $354.52 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The company has a market capitalization of $52.33 billion, a P/E ratio of 65.41 and a beta of 1.06. Quanta Services, Inc. has a 12 month low of $192.62 and a 12 month high of $365.88. The company’s 50 day simple moving average is $330.71 and its 200 day simple moving average is $298.51.

Quanta Services (NYSE:PWR) last announced 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 return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the prior year, the business earned $2.08 EPS. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts expect that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a $0.10 dividend. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.11%. The ex-dividend date of this dividend was Thursday, January 2nd. Quanta Services’s dividend payout ratio is presently 7.38%.

About Quanta Services

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.