Quanta Services, Inc. (PWR) Short Interest Down 28.6% in August
Quanta Services, Inc. (NYSE:PWR) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 2,976,204 shares, a decline of 28.6% from the August 15th total of 4,167,039 shares. Approximately 2.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,402,944 shares, the days-to-cover ratio is currently 2.1 days.
Quanta Services (NYSE:PWR) opened at 36.77 on Wednesday. The company’s 50-day moving average is $35.47 and its 200-day moving average is $34.41. The firm has a market capitalization of $5.71 billion, a P/E ratio of 20.90 and a beta of 0.83. Quanta Services has a one year low of $24.88 and a one year high of $38.82.
Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.03). Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the business posted $0.18 earnings per share. Quanta Services’s revenue was up 22.8% on a year-over-year basis. Equities analysts forecast that Quanta Services will post $2.03 earnings per share for the current fiscal year.
Quanta Services declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 25th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
A number of analysts have recently commented on PWR shares. BidaskClub lowered shares of Quanta Services from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Credit Suisse Group reissued a “buy” rating and issued a $46.00 price objective on shares of Quanta Services in a research report on Wednesday, July 26th. Stifel Nicolaus reissued a “buy” rating and issued a $45.00 price objective on shares of Quanta Services in a research report on Thursday, September 7th. Finally, ValuEngine raised shares of Quanta Services from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $41.44.
In other news, Director John Michal Conaway sold 4,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total value of $143,160.00. Following the sale, the director now owns 17,152 shares of the company’s stock, valued at $613,870.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the completion of the sale, the executive vice president now directly owns 34,797 shares in the company, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,000 shares of company stock worth $597,550. Insiders own 0.70% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Stephens Inc. AR lifted its stake in Quanta Services by 0.5% during the 1st quarter. Stephens Inc. AR now owns 5,980 shares of the construction company’s stock valued at $222,000 after acquiring an additional 31 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Quanta Services by 0.4% during the 2nd quarter. CIBC Asset Management Inc now owns 13,120 shares of the construction company’s stock valued at $432,000 after acquiring an additional 53 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Quanta Services by 0.3% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 31,071 shares of the construction company’s stock valued at $1,023,000 after acquiring an additional 87 shares in the last quarter. Mason Street Advisors LLC lifted its stake in Quanta Services by 1.0% during the 1st quarter. Mason Street Advisors LLC now owns 20,898 shares of the construction company’s stock valued at $776,000 after acquiring an additional 214 shares in the last quarter. Finally, Sandy Spring Bank lifted its stake in Quanta Services by 0.9% during the 1st quarter. Sandy Spring Bank now owns 27,330 shares of the construction company’s stock valued at $1,014,000 after acquiring an additional 255 shares in the last quarter. Institutional investors and hedge funds own 88.51% of the company’s stock.
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Quanta Services Company Profile
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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