Corebridge Financial Inc. Acquires 156 Shares of Quanta Services, Inc. (NYSE:PWR)

Corebridge Financial Inc. boosted its holdings in Quanta Services, Inc. (NYSE:PWR) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,905 shares of the construction company’s stock after acquiring an additional 156 shares during the quarter. Corebridge Financial Inc.’s holdings in Quanta Services were worth $11,980,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of Quanta Services in the 4th quarter valued at approximately $203,068,000. Alkeon Capital Management LLC grew its position in Quanta Services by 62.5% in the third quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company’s stock valued at $193,798,000 after acquiring an additional 250,000 shares during the period. Proficio Capital Partners LLC acquired a new position in Quanta Services during the fourth quarter worth $53,949,000. Vanguard Group Inc. lifted its holdings in shares of Quanta Services by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company’s stock valued at $5,375,828,000 after acquiring an additional 161,277 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Quanta Services in the 4th quarter valued at $46,364,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Analyst Ratings Changes

PWR has been the subject of a number of recent analyst reports. Roth Capital upgraded shares of Quanta Services to a “strong-buy” rating in a research report on Thursday, February 20th. Stifel Nicolaus dropped their price objective on shares of Quanta Services from $388.00 to $323.00 and set a “buy” rating for the company in a report on Monday, February 24th. JPMorgan Chase & Co. boosted their target price on Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Roth Mkm initiated coverage on Quanta Services in a report on Friday, February 21st. They set a “buy” rating and a $350.00 price target for the company. Finally, Guggenheim started coverage on Quanta Services in a research note on Wednesday, January 8th. They issued a “neutral” rating on the stock. Seven equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average price target of $326.79.

Quanta Services Stock Performance

PWR stock opened at $276.16 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56. Quanta Services, Inc. has a twelve month low of $227.11 and a twelve month high of $365.88. The business’s fifty day moving average is $287.74 and its 200-day moving average is $305.00. The company has a market cap of $40.93 billion, a P/E ratio of 45.80, a price-to-earnings-growth ratio of 1.41 and a beta of 1.10.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.12. The firm had revenue of $6.55 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. Equities research analysts forecast that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is presently 6.63%.

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.