Quanta Services, Inc. (NYSE:PWR) Short Interest Update

Quanta Services, Inc. (NYSE:PWR) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 4,050,000 shares, a decline of 15.6% from the September 30th total of 4,800,000 shares. Based on an average daily volume of 759,000 shares, the days-to-cover ratio is currently 5.3 days.

Quanta Services Stock Down 0.6 %

PWR stock traded down $1.93 during midday trading on Wednesday, reaching $311.50. 923,000 shares of the company were exchanged, compared to its average volume of 885,225. The stock’s 50-day simple moving average is $288.27 and its 200 day simple moving average is $271.82. Quanta Services has a 1-year low of $153.74 and a 1-year high of $317.91. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The company has a market cap of $45.89 billion, a price-to-earnings ratio of 58.92 and a beta of 1.01.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. Quanta Services’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.47 earnings per share. On average, equities analysts forecast that Quanta Services will post 7.82 earnings per share for the current year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.12%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s dividend payout ratio (DPR) is 6.79%.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares in the company, valued at $155,595,938.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 202,357 shares of company stock worth $53,115,572 over the last quarter. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneva Partners LLC acquired a new position in shares of Quanta Services in the 3rd quarter valued at $1,859,000. Amalgamated Bank increased its stake in Quanta Services by 2.1% in the third quarter. Amalgamated Bank now owns 30,648 shares of the construction company’s stock valued at $9,138,000 after purchasing an additional 616 shares during the period. Legacy CG LLC purchased a new stake in shares of Quanta Services in the third quarter valued at about $4,185,000. Hazlett Burt & Watson Inc. grew its holdings in shares of Quanta Services by 44.7% during the third quarter. Hazlett Burt & Watson Inc. now owns 395 shares of the construction company’s stock worth $117,000 after buying an additional 122 shares during the last quarter. Finally, PDS Planning Inc acquired a new position in Quanta Services in the 3rd quarter valued at about $222,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analyst Ratings Changes

PWR has been the topic of a number of recent research reports. Truist Financial boosted their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. B. Riley increased their target price on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Robert W. Baird boosted their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. TD Cowen increased 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, Wolfe Research started coverage on Quanta Services in a research note on Thursday, September 19th. They set an “outperform” rating and a $313.00 target price for the company. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and a consensus price target of $308.07.

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.