International Assets Investment Management LLC has expanded its portfolio by acquiring a new stake in Quanta Services, Inc. (NYSE: PWR) during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the investment firm purchased 2,019 shares valued at approximately $763,000. This move highlights the growing interest from institutional investors in the construction and infrastructure solutions sector.
Several hedge funds have also adjusted their positions in Quanta Services. Notably, Copia Wealth Management significantly increased its stake by 509.1%, acquiring an additional 56 shares to hold a total of 67 shares worth $25,000. Similarly, SOA Wealth Advisors LLC raised its investment by 159.3%, now owning 70 shares valued at $26,000 after purchasing an additional 43 shares in the last quarter. Ameriflex Group Inc. also grew its stake by 93.0%, bringing its total to 83 shares worth $32,000.
Additionally, Cullen Frost Bankers Inc. initiated a new stake in Quanta Services during the first quarter, valued at $25,000. Hemington Wealth Management increased its holdings by 69.0%, now owning 120 shares worth $45,000 after acquiring an extra 49 shares.
Analysts Update Price Targets
Analysts have been actively reassessing their projections for Quanta Services, reflecting the company’s robust performance. Evercore ISI raised its price target from $360.00 to $410.00, maintaining an “outperform” rating. Meanwhile, Roth Capital also reissued a “buy” rating, increasing its target price to $450.00 from $350.00. DA Davidson lifted its price target from $305.00 to $395.00, designating a “neutral” rating, while UBS Group adjusted its target from $413.00 to $474.00 with a “buy” rating.
Currently, the stock has received a consensus rating of “Moderate Buy” from analysts, with an average target price set at $411.59.
Quanta Services Financial Performance
On July 31, 2023, Quanta Services reported its quarterly earnings, revealing an earnings per share (EPS) of $2.48, surpassing analysts’ expectations of $2.44 by $0.04. The company reported a net margin of 3.73% and a return on equity of 18.41%. Revenue for the quarter reached $6.77 billion, exceeding estimates of $6.55 billion and marking an increase of 21.1% compared to the same period last year.
Quanta Services has provided guidance for fiscal year 2025, projecting an EPS range of $10.280 to $10.880. Analysts estimate an EPS of $9.34 for the current fiscal year.
The company’s stock performance has been notable, with shares opening at $441.41 recently. Quanta Services maintains a market capitalization of $65.77 billion, a debt-to-equity ratio of 0.59, and a price-to-earnings (PE) ratio of 68.33. The stock has fluctuated between a one-year low of $227.08 and a high of $446.60.
In addition to its stock performance, Quanta Services announced a quarterly dividend of $0.10 per share, payable on October 10, 2023, to shareholders of record as of October 1, 2023. This dividend reflects a yield of 0.1% and 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 pipeline industries, operating in the United States, Canada, Australia, and beyond.
