Quanta Services, Inc. (NYSE:PWR) Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia raised its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 123.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 116,016 shares of the construction company’s stock after acquiring an additional 64,207 shares during the quarter. Bank of Nova Scotia owned approximately 0.08% of Quanta Services worth $36,667,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PWR. Vanguard Group Inc. increased its stake in Quanta Services by 1.0% in 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 purchasing an additional 161,277 shares during the last quarter. Geode Capital Management LLC lifted its position in Quanta Services by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company’s stock valued at $1,121,830,000 after acquiring an additional 99,416 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Quanta Services by 3.7% during the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company’s stock worth $604,871,000 after purchasing an additional 68,565 shares during the last quarter. Norges Bank acquired a new stake in shares of Quanta Services during the fourth quarter worth about $544,937,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Quanta Services by 4.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,024,510 shares of the construction company’s stock valued at $323,797,000 after purchasing an additional 45,486 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Analysts Set New Price Targets

PWR has been the topic of a number of research reports. Piper Sandler began coverage on Quanta Services in a research note on Tuesday. They set an “overweight” rating and a $286.00 price target on the stock. Citigroup cut their target price on shares of Quanta Services from $394.00 to $371.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Roth Capital upgraded shares of Quanta Services to a “strong-buy” rating in a research note on Thursday, February 20th. Daiwa America downgraded shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 24th. Finally, Truist Financial reduced their target price on shares of Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and an average price target of $321.05.

Quanta Services Stock Performance

Shares of PWR opened at $244.76 on Wednesday. The company has a market capitalization of $36.27 billion, a PE ratio of 40.59, a P/E/G ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $365.88. The company has a 50-day simple moving average of $270.15 and a 200-day simple moving average of $303.38. 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 (NYSE:PWR) last posted its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. The company had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. Equities research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, April 3rd. 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.