Park Place Capital Corp Purchases 1,078 Shares of Quanta Services, Inc. (NYSE:PWR)

Park Place Capital Corp boosted its position in Quanta Services, Inc. (NYSE:PWR) by 117.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,992 shares of the construction company’s stock after acquiring an additional 1,078 shares during the period. Park Place Capital Corp’s holdings in Quanta Services were worth $506,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PWR. Assenagon Asset Management S.A. increased its position in shares of Quanta Services by 3.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 5,819 shares of the construction company’s stock valued at $1,256,000 after buying an additional 211 shares during the period. DAVENPORT & Co LLC increased its stake in shares of Quanta Services by 3.1% in the 4th quarter. DAVENPORT & Co LLC now owns 8,788 shares of the construction company’s stock worth $1,896,000 after acquiring an additional 261 shares in the last quarter. WealthShield Partners LLC bought a new stake in Quanta Services during the fourth quarter worth about $375,000. Ballentine Partners LLC grew its holdings in Quanta Services by 3.9% in the fourth quarter. Ballentine Partners LLC now owns 3,221 shares of the construction company’s stock worth $695,000 after purchasing an additional 121 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Quanta Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 39,907 shares of the construction company’s stock valued at $8,612,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

PWR has been the subject of a number of analyst reports. DA Davidson raised their price objective on Quanta Services from $225.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. B. Riley upped their price target on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research note on Friday. Evercore ISI raised their price objective on shares of Quanta Services from $255.00 to $288.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Citigroup upped their target price on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Argus boosted their price objective on shares of Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and a consensus price target of $286.18.

Quanta Services Stock Performance

Shares of Quanta Services stock traded down $2.37 during trading hours on Monday, reaching $238.55. 614,731 shares of the stock traded hands, compared to its average volume of 956,481. The company has a 50 day moving average price of $264.85 and a 200 day moving average price of $249.25. Quanta Services, Inc. has a one year low of $153.74 and a one year high of $286.87. The company has a quick ratio of 1.32, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $34.92 billion, a price-to-earnings ratio of 44.98 and a beta of 1.03.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same period in the prior year, the company earned $1.47 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts expect that Quanta Services, Inc. will post 7.69 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Monday, July 1st were given a $0.09 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.15%. Quanta Services’s payout ratio is currently 6.98%.

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.