Merit Financial Group LLC Sells 80 Shares of Quanta Services, Inc. (NYSE:PWR)

Merit Financial Group LLC cut its stake in Quanta Services, Inc. (NYSE:PWR) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,549 shares of the construction company’s stock after selling 80 shares during the period. Merit Financial Group LLC’s holdings in Quanta Services were worth $334,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Grove Bank & Trust boosted its position in shares of Quanta Services by 75.6% during the 3rd quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock valued at $30,000 after purchasing an additional 68 shares in the last quarter. Hazlett Burt & Watson Inc. grew its position in shares of Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after buying an additional 52 shares during the period. NBC Securities Inc. bought a new stake in shares of Quanta Services in the 3rd quarter valued at $36,000. Valley National Advisers Inc. acquired a new position in shares of Quanta Services during the 4th quarter valued at $41,000. Finally, Planned Solutions Inc. acquired a new stake in Quanta Services in the fourth quarter worth $43,000. Institutional investors own 90.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. TD Cowen increased their price objective on shares of Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 27th. Citigroup raised their price objective on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Truist Financial reaffirmed a “buy” rating and set a $305.00 target price (up from $301.00) on shares of Quanta Services in a research report on Monday. Stifel Nicolaus lifted their price target on shares of Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, DA Davidson raised their price objective on shares of Quanta Services from $225.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $262.00.

Insider Buying and Selling at Quanta Services

In other news, EVP Donald Wayne sold 1,101 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the transaction, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now owns 263,725 shares of the company’s stock, valued at $62,476,452.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Donald Wayne sold 1,101 shares of Quanta Services stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the transaction, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders sold 47,125 shares of company stock valued at $11,270,215 in the last quarter. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Stock Down 0.8 %

Shares of NYSE:PWR opened at $264.86 on Thursday. The company has a market capitalization of $38.77 billion, a PE ratio of 51.33 and a beta of 1.10. Quanta Services, Inc. has a 1 year low of $153.74 and a 1 year high of $271.96. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32. The business has a fifty day moving average price of $252.43 and a two-hundred day moving average price of $216.74.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.21. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s quarterly revenue was up 31.0% compared to the same quarter last year. Analysts forecast that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were paid a $0.09 dividend. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 annualized dividend and a yield of 0.14%. Quanta Services’s dividend payout ratio is currently 6.98%.

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.