Citigroup Inc. Decreases Stake in Quanta Services, Inc. (NYSE:PWR)

Citigroup Inc. lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 3.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 411,138 shares of the construction company’s stock after selling 14,500 shares during the quarter. Citigroup Inc.’s holdings in Quanta Services were worth $122,581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of PWR. EntryPoint Capital LLC bought a new stake in Quanta Services during the first quarter worth $25,000. Cambridge Trust Co. purchased a new stake in shares of Quanta Services during the 1st quarter valued at $26,000. Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services during the 2nd quarter worth $33,000. Quest Partners LLC purchased a new position in shares of Quanta Services in the 2nd quarter worth about $35,000. Finally, CarsonAllaria Wealth Management Ltd. bought a new position in Quanta Services during the second quarter valued at about $38,000. 90.49% of the stock is owned by institutional investors.

Quanta Services Stock Performance

Shares of PWR stock opened at $341.90 on Friday. The stock has a fifty day moving average of $307.80 and a 200 day moving average of $279.67. The firm has a market capitalization of $50.47 billion, a price-to-earnings ratio of 63.08 and a beta of 1.01. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 52 week low of $180.97 and a 52 week high of $343.70.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. As a group, research analysts expect that Quanta Services, Inc. will post 7.88 earnings per share for the current year.

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is presently 6.64%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Stifel Nicolaus upped their price objective on Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. TD Cowen upped their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. started coverage on Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 price target for the company. UBS Group boosted their price objective on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group initiated coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $314.27.

Quanta Services Profile

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.