SummitTX Capital L.P. Invests $1.11 Million in Quanta Services, Inc. $PWR

SummitTX Capital L.P. bought a new stake in shares of Quanta Services, Inc. (NYSE:PWR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,019 shares of the construction company’s stock, valued at approximately $1,108,000.

Other large investors also recently bought and sold shares of the company. Norges Bank bought a new position in Quanta Services during the fourth quarter valued at $817,285,000. Victory Capital Management Inc. raised its position in shares of Quanta Services by 35.2% during the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock valued at $1,230,493,000 after buying an additional 758,862 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in shares of Quanta Services by 137.6% in the 4th quarter. Corient Private Wealth LLC now owns 1,151,650 shares of the construction company’s stock valued at $486,065,000 after acquiring an additional 667,050 shares during the last quarter. Sands Capital Management LLC bought a new stake in Quanta Services during the fourth quarter worth approximately $243,485,000. Finally, Select Equity Group L.P. raised its position in Quanta Services by 69.3% during the second quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock valued at $384,554,000 after purchasing an additional 416,395 shares during the period. Institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Down 4.6%

PWR opened at $561.14 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.09 and a current ratio of 1.14. The stock’s 50 day moving average price is $682.41 and its 200-day moving average price is $610.16. Quanta Services, Inc. has a one year low of $363.01 and a one year high of $788.75. The stock has a market cap of $84.21 billion, a price-to-earnings ratio of 76.97, a P/E/G ratio of 2.32 and a beta of 1.21.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same period last year, the company earned $1.78 EPS. Quanta Services’s quarterly revenue was up 26.3% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services, Inc. will post 12.8 EPS for the current year.

Quanta Services announced that its board has authorized a stock buyback plan on Friday, May 22nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the construction company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Wednesday, July 1st. Quanta Services’s dividend payout ratio (DPR) is 6.04%.

Insider Buying and Selling at Quanta Services

In related news, CAO Paul Nobel sold 4,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the transaction, the chief accounting officer owned 8,080 shares of the company’s stock, valued at $6,116,398.40. This trade represents a 33.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Earl C. Jr. Austin sold 25,992 shares of Quanta Services stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.71, for a total transaction of $20,032,294.32. Following the sale, the chief executive officer owned 16,508 shares of the company’s stock, valued at $12,722,880.68. The trade was a 61.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 159,992 shares of company stock valued at $123,244,714. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PWR. Mizuho set a $645.00 price objective on Quanta Services in a research note on Monday, July 20th. Evercore increased their price target on Quanta Services from $635.00 to $800.00 and gave the company an “outperform” rating in a report on Friday, May 1st. The Goldman Sachs Group raised their price target on Quanta Services from $685.00 to $826.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Roth Capital lifted their price objective on shares of Quanta Services from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, April 6th. Finally, Zacks Research cut shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Seventeen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $745.55.

Quanta Services Company Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.