AssuredPartners Acquires Stake in Quanta Services, Inc.

AssuredPartners Investment Advisors LLC has secured a new position in Quanta Services, Inc. (NYSE:PWR), according to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC). In the second quarter of 2023, AssuredPartners acquired 738 shares of the construction company, valued at approximately $279,000. This move reflects growing interest from institutional investors in Quanta Services.

In addition to AssuredPartners, several other institutional investors have adjusted their stakes in Quanta Services. For instance, Old Port Advisors increased its holding by 0.7% during the same quarter, now owning 3,944 shares valued at $1.49 million. Pinnacle Wealth Planning Services Inc. also raised its stake by 3.5% in the first quarter, bringing its total to 951 shares worth $242,000.

Eastern Bank notably expanded its investment by 23.5% in the second quarter, acquiring an additional 35 shares to reach a total of 184 shares valued at $70,000. Additionally, Legacy Capital Wealth Partners LLC increased its stake by 3.4%, owning 1,089 shares worth $277,000 after acquiring more shares in the last quarter. Currently, institutional investors and hedge funds collectively hold approximately 90.49% of Quanta Services’ stock.

Stock Performance and Financial Metrics

Quanta Services’ stock opened at $434.65 on Friday, October 6, 2023. The company has experienced a significant fluctuation over the past year, with a low of $227.08 and a high of $446.60. Quanta Services boasts a market capitalization of $64.77 billion and a price-to-earnings ratio of 67.28, indicating robust investor interest.

The company has a debt-to-equity ratio of 0.59 and maintains a quick ratio of 1.32, alongside a current ratio of 1.37. The stock’s fifty-day moving average stands at $396.43, while the two-hundred-day moving average is $361.04, suggesting a positive trend in performance.

Dividend Announcement and Analyst Ratings

On October 10, 2023, Quanta Services declared a quarterly dividend of $0.10, paid to shareholders of record as of October 1, 2023. This dividend translates to an annualized amount of $0.40 and a yield of 0.1%. The company’s payout ratio currently sits at 6.19%, indicating a conservative approach to dividend distribution.

Recent evaluations by analysts have been largely favorable. Weiss Ratings reaffirmed a “buy (B-)” rating on Quanta Services on October 8, 2023. Jefferies Financial Group upgraded its recommendation from “hold” to “buy,” raising the price target from $398.00 to $469.00. Other firms, including TD Cowen and UBS Group, have similarly boosted their price objectives, with UBS increasing its target to $474.00 and Stifel Nicolaus adjusting its target to $475.00.

Currently, fourteen research analysts rate Quanta Services as a buy, while twelve have given it a hold rating. According to MarketBeat.com, the consensus rating stands at “Moderate Buy,” with a target price of $410.45.

Quanta Services, Inc. offers a range of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline industries across the United States, Canada, Australia, and beyond. The company’s Electric Power Infrastructure Solutions segment is involved in the full lifecycle of electric power transmission and distribution projects, including design, procurement, construction, and maintenance, as well as the installation of smart grid technologies.

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