AssuredPartners Acquires Stake in Quanta Services, Boosting Investment Activity

AssuredPartners Investment Advisors LLC has expanded its portfolio by acquiring a new position in shares of Quanta Services, Inc. (NYSE: PWR) during the second quarter of 2023. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), AssuredPartners purchased 738 shares of the construction firm, valued at approximately $279,000. This investment highlights a growing interest in Quanta Services among institutional investors.

A number of other financial institutions have also adjusted their holdings in Quanta Services. Old Port Advisors increased its stake by 0.7% in the second quarter, bringing its total to 3,944 shares, valued at $1,491,000. Similarly, Pinnacle Wealth Planning Services Inc. raised its position by 3.5% in the first quarter, now holding 951 shares worth $242,000 after acquiring an additional 32 shares. Frank Rimerman Advisors LLC and Eastern Bank also reported increases in their stakes during the same periods, reflecting a broader trend of institutional investment in Quanta Services.

As of now, approximately 90.49% of Quanta Services’ stock is held by institutional investors and hedge funds, indicating strong confidence in the company’s future prospects.

Quanta Services’ Stock Performance and Financial Overview

On October 10, 2023, shares of Quanta Services opened at $434.65. Over the past year, the stock has fluctuated significantly, with a low of $227.08 and a high of $446.60. The company boasts a market capitalization of $64.77 billion and maintains a price-to-earnings ratio of 67.28, alongside a price-to-earnings-growth ratio of 2.59.

The company’s financial health is underscored by a debt-to-equity ratio of 0.59, a quick ratio of 1.32, and a current ratio of 1.37. Quanta Services has also demonstrated robust moving averages with a 50-day average of $396.43 and a 200-day average of $361.04.

In addition to its investment appeal, Quanta Services recently declared a quarterly dividend of $0.10 per share, distributed on October 10, 2023, to shareholders who were on record as of October 1, 2023. This dividend translates to an annualized payout of $0.40 and a yield of 0.1%, with a payout ratio currently at 6.19%.

Analyst Ratings and Market Sentiment

Market analysts have been actively reviewing Quanta Services, with several brokerages issuing new ratings. Weiss Ratings reaffirmed a “buy (B-)” rating on October 8, 2023. Following this, Jefferies Financial Group upgraded its rating from “hold” to “buy” on September 24, 2023, while raising their price target from $398.00 to $469.00.

Other notable upgrades include TD Cowen, which elevated its price objective from $355.00 to $425.00, and UBS Group, increasing its target from $413.00 to $474.00. Similarly, Stifel Nicolaus raised its price target from $432.00 to $475.00.

Overall, Quanta Services currently holds a consensus rating of “Moderate Buy” from analysts, with an average target price of $410.45, based on data from MarketBeat.com.

Quanta Services, Inc. specializes in providing infrastructure solutions to various sectors, including electric and gas utilities, renewable energy, communications, and pipeline industries across the United States, Canada, Australia, and beyond. The company’s offerings encompass the design, construction, and maintenance of electric power infrastructure, showcasing its integral role in supporting essential services.