Zweig DiMenna Associates LLC has increased its investment in Quanta Services, Inc. (NYSE:PWR) by 3.7% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission, the institutional investor now owns 99,850 shares of Quanta Services after acquiring an additional 3,525 shares in the quarter. This stake represents approximately 3.6% of Zweig DiMenna’s total holdings, making Quanta Services the eighth largest position in their portfolio. As of the most recent filing, the value of this investment stands at approximately $37.75 million.
Institutional investors continue to show strong interest in Quanta Services. Notable purchases include Cullen Frost Bankers Inc., which acquired a new stake valued at $25,000 in the first quarter, and Copia Wealth Management, which significantly increased its position by 509.1% to hold 67 shares worth $25,000. Other investors like SOA Wealth Advisors LLC and Solstein Capital LLC also raised their stakes by 159.3% and 185.7%, respectively, during the second quarter. Overall, institutional investors and hedge funds hold approximately 90.49% of Quanta Services’ stock.
Analysts’ Insights on Quanta Services
Quanta Services has attracted attention from various research analysts. Jefferies Financial Group upgraded the company from a “hold” to a “buy” rating on September 24, 2023, raising their price target from $398.00 to $469.00. Similarly, TD Cowen increased their price target from $355.00 to $425.00 while maintaining a “buy” rating. In contrast, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating, and Daiwa America also shifted their rating from “strong-buy” to “hold.” Overall, thirteen analysts currently rate Quanta Services as a “buy,” while twelve have assigned a “hold” rating, indicating a generally positive outlook.
According to MarketBeat.com, the average price target for Quanta Services is $435.55, with a consensus rating of “Moderate Buy.”
Recent Financial Performance
Quanta Services recently reported its quarterly earnings on October 30, 2023. The company posted earnings per share of $3.33, surpassing analysts’ expectations of $3.24 by $0.09. The firm achieved a net margin of 3.73% and a return on equity of 18.41%. Revenue for the quarter reached $7.63 billion, exceeding forecasts of $7.41 billion and reflecting a 17.5% year-over-year increase.
For the fiscal year 2025, Quanta Services has set guidance at an earnings per share range of $10.330 to $10.830. Analysts predict the company will report earnings per share of $9.34 for the current year.
Quanta Services also recently declared a quarterly dividend, which was paid on October 10, 2023. Shareholders on record as of October 1, 2023, received a dividend of $0.10 per share, resulting in an annualized dividend of $0.40 and a yield of 0.1%. The company’s dividend payout ratio is 5.93%.
Quanta Services, Inc. operates in the infrastructure solutions sector, serving electric and gas utilities, renewable energy, communications, and pipeline industries across the United States, Canada, Australia, and internationally. Their services encompass the design, construction, and maintenance of electric power transmission and distribution infrastructure, alongside advancements in smart grid technologies.
