International Assets Investment Management Acquires 2,019 Shares in Quanta Services

International Assets Investment Management LLC has established a new position in Quanta Services, Inc. (NYSE: PWR) by acquiring 2,019 shares during the second quarter of 2023. This investment is valued at approximately $763,000, according to the firm’s recent filing with the Securities and Exchange Commission.

The trend among hedge funds toward Quanta Services has seen notable increases in stakes by several financial institutions. For instance, Copia Wealth Management raised its investment in Quanta Services by an impressive 509.1%, now holding 67 shares valued at $25,000 after acquiring 56 additional shares. Similarly, SOA Wealth Advisors LLC increased its stake by 159.3%, bringing its total to 70 shares worth $26,000 after a purchase of 43 shares. Ameriflex Group Inc. also boosted its investment by 93.0%, now owning 83 shares valued at $32,000.

Cullen Frost Bankers Inc. acquired a new stake in Quanta Services worth $25,000 during the first quarter. Hemington Wealth Management increased its stake by 69.0%, owning now 120 shares valued at $45,000 after purchasing 49 shares. The total institutional ownership of Quanta Services stock stands at an impressive 90.49%.

Analysts Provide Positive Outlook on Quanta Services

A number of analysts have recently revised their projections for Quanta Services. Evercore ISI raised its price target from $360.00 to $410.00, assigning an “outperform” rating. Seaport Res Ptn upgraded the stock to a “hold” rating, while Roth Capital issued a “buy” rating and set a new target price of $450.00, up from $350.00. DA Davidson increased its target from $305.00 to $395.00 and maintained a “neutral” rating. UBS Group also raised its target from $413.00 to $474.00 with a “buy” rating.

Currently, fourteen analysts have rated Quanta Services with a “buy” rating, while twelve have given it a “hold” rating. According to MarketBeat, the stock holds a consensus rating of “Moderate Buy” alongside a consensus target price of $411.59.

Quanta Services Financial Performance and Outlook

On October 10, 2023, shares of Quanta Services opened at $441.41. The company reported a debt-to-equity ratio of 0.59, a current ratio of 1.37, and a quick ratio of 1.32. Over the past year, Quanta Services has seen a low of $227.08 and a high of $446.60. The firm boasts a market capitalization of $65.77 billion and a price-to-earnings ratio of 68.33.

In its latest earnings report from July 31, 2023, Quanta Services announced earnings per share (EPS) of $2.48, surpassing analysts’ expectations of $2.44 by $0.04. The company achieved a net margin of 3.73% and a return on equity of 18.41%. Revenue for the quarter reached $6.77 billion, exceeding the forecast of $6.55 billion. This represents a 21.1% increase in revenue compared to the same quarter last year.

Looking ahead, Quanta Services has set its fiscal year 2025 EPS guidance in the range of $10.280 to $10.880. Analysts project an average EPS of $9.34 for the current fiscal year.

The company also declared a quarterly dividend of $0.10 per share, which was paid on October 10, 2023, to shareholders of record as of October 1, 2023. This translates to an annualized dividend of $0.40 and a yield of 0.1%. Quanta Services has a dividend payout ratio of 6.19%.

Quanta Services, Inc. specializes in providing infrastructure solutions across various sectors, including electric and gas utilities, renewable energy, communications, and energy pipelines. The company operates not only in the United States but also in Canada, Australia, and other international markets. Its Electric Power Infrastructure Solutions division focuses on the design, construction, and maintenance of electric power transmission and distribution systems.

For those interested in tracking further institutional activity regarding Quanta Services, insights can be accessed through various financial platforms, including HoldingsChannel.com.