JPMorgan Chase & Co. decreased its stake in Quanta Services Inc. (NYSE:PWR) by 94.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 436,298 shares of the company’s stock after selling 8,061,698 shares during the period. JPMorgan Chase & Co. owned 0.28% of Quanta Services worth $10,088,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in PWR. Kovitz Investment Group Partners LLC purchased a new stake in Quanta Services during the first quarter valued at about $99,285,000. Bank of Montreal Can purchased a new stake in Quanta Services during the second quarter valued at about $38,831,000. Norges Bank purchased a new stake in Quanta Services during the fourth quarter valued at about $31,259,000. Tobam boosted its stake in Quanta Services by 211.1% in the first quarter. Tobam now owns 1,146,940 shares of the company’s stock valued at $25,875,000 after buying an additional 778,209 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in Quanta Services by 2,729.6% in the first quarter. Panagora Asset Management Inc. now owns 681,851 shares of the company’s stock valued at $15,383,000 after buying an additional 657,754 shares during the last quarter. Hedge funds and other institutional investors own 87.80% of the company’s stock.
Shares of Quanta Services Inc. (NYSE:PWR) traded up 1.2957% on Wednesday, reaching $28.2615. 517,587 shares of the company were exchanged. The stock has a market capitalization of $4.27 billion, a PE ratio of 19.0956 and a beta of 0.69. Quanta Services Inc. has a 1-year low of $16.77 and a 1-year high of $28.50. The company has a 50-day moving average price of $26.08 and a 200 day moving average price of $24.24.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 4th. The company reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.18. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Quanta Services had a net margin of 3.38% and a return on equity of 4.68%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 earnings per share. On average, analysts forecast that Quanta Services Inc. will post $1.55 EPS for the current fiscal year.
A number of equities research analysts have weighed in on the stock. Citigroup Inc. dropped their price target on shares of Quanta Services from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, August 5th. Stifel Nicolaus lifted their price target on shares of Quanta Services from $28.00 to $32.50 and gave the company a “buy” rating in a research report on Friday, September 23rd. Credit Suisse Group AG reiterated a “buy” rating and set a $26.00 price target on shares of Quanta Services in a research report on Monday, August 8th. Zacks Investment Research cut shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Quanta Services in a research report on Saturday, August 6th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $26.65.
In other news, EVP Randall C. Wisenbaker sold 5,121 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $26.36, for a total transaction of $134,989.56. Following the completion of the transaction, the executive vice president now directly owns 40,193 shares in the company, valued at approximately $1,059,487.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.70% of the company’s stock.
About Quanta Services
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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