Guided Capital Wealth Management LLC has acquired a new stake in Quanta Services, Inc., a prominent player in the construction sector, with an investment of approximately $1.86 million. This purchase, comprising 4,497 shares, occurred during the third quarter of 2023, as reported by Holdings Channel. This investment represents 1.6% of Guided Capital’s overall portfolio, positioning Quanta Services as its 23rd largest holding.
Several other institutional investors have also made significant moves regarding their stakes in Quanta Services. For instance, Brighton Jones LLC established a new position worth around $298,000 in the fourth quarter. Additionally, Brooklyn Investment Group increased its stake by 25.0% in the first quarter, now owning 615 shares valued at $156,000. Other notable investors include Wellington Management Group LLP, which raised its holdings by 10.5%, and Banco Bilbao Vizcaya Argentaria S.A., which grew its position by 3.0%. Collectively, institutional investors hold nearly 90.49% of Quanta Services’ stock.
Analyst Ratings and Stock Performance
In terms of market sentiment, various research analysts have issued ratings for Quanta Services. Weiss Ratings reaffirmed a “buy (B-)” rating, while Citigroup raised its target price from $517.00 to $526.00, maintaining a “buy” rating. Robert W. Baird set a price target of $490.00, and Stifel Nicolaus estimated a target of $495.00. Argus also set a target price of $540.00 for the stock. Currently, consensus ratings show 14 analysts rating the stock as a buy and 11 as hold, resulting in a consensus rating of “Moderate Buy” with an average price target of $449.24.
On the stock performance side, Quanta Services’ shares opened at $421.16 on the most recent trading day, with a market capitalization of $62.80 billion. The company recorded a price-to-earnings (P/E) ratio of 62.39 and a beta of 1.14. Over the past year, the stock has fluctuated between a low of $227.08 and a high of $473.99. The stock’s moving averages indicate stability, with a fifty-day moving average of $443.13 and a 200-day average of $405.54.
Insider Transactions and Financial Results
Recent insider activity further highlights the dynamics within Quanta Services. On November 3, 2023, Bernard Fried, a director at the company, sold 4,000 shares at an average price of $452.19, totaling approximately $1,808,760. Following this sale, Fried retains 12,493 shares, valued at around $5,649,209.67, reflecting a 24.25% decrease in his holdings. Another insider, Gerald A. Ducey, Jr., also sold 7,653 shares on November 6, 2023, at an average price of $446.08, amounting to about $3,413,850.24. After this transaction, Ducey’s ownership stands at 19,960 shares, valued at approximately $8,903,756.80, marking a 27.72% reduction in his stake.
Over the past ninety days, insiders have divested a total of 32,002 shares valued at $14,295,857, leaving insiders with 1.10% of the total stock.
Quanta Services recently announced its earnings results on October 30, 2023, reporting earnings per share (EPS) of $3.33, exceeding analysts’ expectations of $3.24. The company’s revenue for the quarter reached $7.63 billion, surpassing forecasts of $7.41 billion, and reflecting a year-over-year revenue increase of 17.5%. The firm has set its fiscal year 2025 guidance at an EPS range of $10.330-10.830, with analysts anticipating a full fiscal year EPS of $9.34.
Quanta Services, Inc. is a leading provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline sectors across the United States, Canada, Australia, and beyond. Its services include the design, construction, and maintenance of electric power transmission and distribution infrastructure, among others, demonstrating its pivotal role in the energy sector.
