Worthing Jackman, a director at Quanta Services, Inc. (NYSE:PWR), sold 6,349 shares of the company’s stock on November 5, 2023, for a total of $2,859,907.05. The shares were sold at an average price of $450.45. Following this transaction, Jackman now holds 2,730 shares valued at approximately $1,229,728.50, indicating a significant reduction of 69.93% in his position. This sale was formally disclosed in a filing with the Securities and Exchange Commission (SEC).
Market Performance and Financial Overview
As of mid-day trading on November 10, 2023, Quanta Services shares rose by $2.42, reaching $445.32. The trading volume for the day was 818,189 shares, which is below the company’s average volume of 1,303,024 shares. Quanta Services currently boasts a market capitalization of $66.40 billion and a price-to-earnings ratio of 68.93. Additionally, the company has a current ratio of 1.37, a quick ratio of 1.32, and a debt-to-equity ratio of 0.59.
Over the past year, Quanta Services’ stock has experienced a range, with a fifty-two week low of $227.08 and a high of $469.43. The company’s fifty-day moving average stands at $413.20, while the 200-day moving average is $379.26.
The company reported its quarterly earnings on October 30, 2023, posting earnings per share of $3.33, surpassing analysts’ expectations of $3.24 by $0.09. With revenues reaching $7.63 billion against a forecast of $7.41 billion, the company noted a 17.5% increase in revenue compared to the same quarter last year. The return on equity was 18.41%, and the net margin was 3.73%. Looking ahead, Quanta Services has provided guidance for fiscal year 2025, estimating earnings per share between $10.330 and $10.830.
Institutional Investors and Analyst Ratings
Recent changes in institutional ownership reflect growing interest in Quanta Services. Notably, Wealth Alliance LLC increased its holdings by 1.4% in the third quarter, now owning 1,636 shares valued at $678,000. Avestar Capital LLC boosted its stake by 86.0%, acquiring an additional 2,311 shares to reach a total of 4,999 shares worth $2,072,000. Other significant increases came from Harold Davidson & Associates Inc., which grew its holdings by 84.1%, and NewEdge Wealth LLC, which raised its position by 32.3%. Currently, institutional investors and hedge funds own 90.49% of the company’s stock.
Analysts have varied opinions on Quanta Services, with Truist Financial recently raising its price target from $472.00 to $521.00, maintaining a “buy” rating. Other firms, including UBS Group and Citigroup, also increased their target prices, indicating confidence in the company’s growth trajectory. Overall, thirteen analysts rate Quanta Services as a “buy,” while twelve have issued a “hold” rating, resulting in a consensus rating of “Moderate Buy” with an average target price of $438.64.
Quanta Services, Inc. is recognized for providing comprehensive infrastructure solutions across various sectors, including electric and gas utility, renewable energy, communications, and pipeline industries, both in the United States and internationally.
