Guided Capital Wealth Management LLC has made a significant investment in Quanta Services, Inc., acquiring 4,497 shares valued at approximately $1.86 million. This purchase occurred during the third quarter of 2023, according to data from Holdings Channel. With this new stake, Quanta Services now represents 1.6% of Guided Capital’s investment portfolio, making it the firm’s 23rd largest holding.
Other institutional investors have also adjusted their positions in Quanta Services, which trades on the New York Stock Exchange under the ticker symbol PWR. Brighton Jones LLC established a new stake worth approximately $298,000 in the fourth quarter. Meanwhile, Brooklyn Investment Group increased its holdings by 25% in the first quarter, now owning 615 shares valued at about $156,000. Wellington Management Group LLP expanded its position by 10.5%, bringing its total to 1,193 shares worth $303,000.
Banco Bilbao Vizcaya Argentaria S.A. also raised its stake by 3%, with a total of 3,518 shares valued at approximately $894,000. GM Advisory Group LLC entered the scene with a new position valued at around $548,000. Collectively, institutional investors hold 90.49% of Quanta Services’ stock.
Analysts’ Ratings and Stock Performance
Several equity research analysts have recently updated their ratings for Quanta Services. Weiss Ratings maintained a “buy (B-)” rating, while Citigroup raised its target price from $517.00 to $526.00, also issuing a “buy” rating. Other analysts, including Robert W. Baird and Stifel Nicolaus, set price targets of $490.00 and $495.00, respectively. Argus has set a target at $540.00.
Currently, fourteen analysts rate Quanta Services as a “buy,” while eleven have given it a “hold” rating. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a price target of $449.24.
In insider trading news, Director Bernard Fried sold 4,000 shares on November 3, 2023, at an average price of $452.19, totaling $1,808,760. Following this transaction, he holds 12,493 shares, valued at approximately $5.65 million, marking a 24.25% decrease in his position. Furthermore, insider Gerald A. Ducey, Jr. sold 7,653 shares on November 6, at an average price of $446.08, amounting to $3,413,850.24. After this sale, he retains 19,960 shares, worth about $8.90 million, reflecting a 27.72% decrease in his holdings.
Company Overview and Financial Performance
Quanta Services, Inc. is a leading provider of infrastructure solutions across various sectors, including electric and gas utilities, renewable energy, and communications. It operates in the United States, Canada, Australia, and other international markets.
On October 30, 2023, Quanta Services reported earnings that exceeded analysts’ expectations. The company posted earnings per share of $3.33, surpassing the consensus estimate of $3.24 by $0.09. The company achieved a net margin of 3.74% and a return on equity of 18.74%, with quarterly revenue reaching $7.63 billion, compared to an expected $7.41 billion. Year-over-year, revenue increased by 17.5%.
For the fiscal year 2025, Quanta Services has guided earnings per share in the range of $10.330 to $10.830. Analysts forecast that the company will report an earnings per share of $9.34 for the current fiscal year.
As of November 3, 2023, shares of Quanta Services opened at $421.16. The company boasts a market capitalization of $62.80 billion, a PE ratio of 62.39, and a price-to-earnings growth ratio of 2.35. The stock has fluctuated between a one-year low of $227.08 and a high of $473.99.
With strong institutional backing and positive market sentiment, Quanta Services is positioned for continued growth in the evolving infrastructure sector.
