Meridian Financial Partners LLC Decreases Stake in Quanta Services, Inc. (NYSE:PWR)

Meridian Financial Partners LLC cut its position in Quanta Services, Inc. (NYSE:PWR) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,536 shares of the construction company’s stock after selling 124 shares during the period. Meridian Financial Partners LLC’s holdings in Quanta Services were worth $802,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of PWR. Versor Investments LP acquired a new stake in Quanta Services in the third quarter valued at $406,000. Principal Financial Group Inc. boosted its position in shares of Quanta Services by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock worth $61,932,000 after acquiring an additional 11,012 shares in the last quarter. Asio Capital LLC purchased a new position in shares of Quanta Services in the 3rd quarter valued at about $2,715,000. Waverton Investment Management Ltd lifted its stake in Quanta Services by 6.5% during the third quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock worth $12,509,000 after purchasing an additional 2,557 shares during the last quarter. Finally, Synovus Financial Corp boosted its holdings in Quanta Services by 34.0% in the third 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 institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PWR. Robert W. Baird boosted their price objective 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. Citigroup upped their price objective on shares of Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Stifel Nicolaus lifted their target price on Quanta Services from $343.00 to $374.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. started coverage on Quanta Services in a research report on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price for the company. Finally, Daiwa America raised Quanta Services to a “strong-buy” rating in a research report on Friday, December 6th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $324.25.

Quanta Services Stock Performance

NYSE:PWR opened at $319.22 on Wednesday. The firm has a market cap of $47.12 billion, a price-to-earnings ratio of 58.90 and a beta of 1.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. Quanta Services, Inc. has a 1-year low of $187.27 and a 1-year high of $350.19. The firm’s fifty day moving average price is $328.56 and its 200 day moving average price is $295.00.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.08 earnings per share. On average, sell-side analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a $0.10 dividend. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.13%. The ex-dividend date was Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is currently 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.