Quanta Services Inc. (PWR) receives an Outperform rating from Cowen


Quanta Services Inc.’s filing revealed that its VP Tax Upperman Dorothy unloaded Company’s shares for reported $0.75 million on Jun 07. In the deal valued at $183.87 per share,4,074 shares were sold. As a result of this transaction, Upperman Dorothy now holds 13,078 shares worth roughly $ 2.68 million.

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Then, FRIED BERNARD sold 8,000 shares, generating $1,438,754 in total proceeds. Upon selling the shares at $179.84, the Director now owns 9,372 shares.

Before that, Jackman Worthing F sold 7,500 shares. Quanta Services Inc. shares valued at $1,328,359 were divested by the Director at a price of $177.11 per share. As a result of the transaction, Jackman Worthing F now holds 17,058 shares, worth roughly $3.5 million.

Cowen reiterated its Quanta Services Inc. [PWR] rating to an Outperform in a research note published on Friday, December 27, 2022; the price target was $165. PT values the company’s stock at a premium of -24.41 to its Friday closing price.

Price Performance Review of PWR

On Friday, Quanta Services Inc. [NYSE:PWR] saw its stock jump 1.84% to $205.27. On the same session, the stock had its day’s lowest price of $202.63, but rose to a high of $206.76. Over the last five days, the stock has gained 1.08%. Quanta Services Inc. shares have risen nearly 44.05% since the year began. Nevertheless, the stocks have risen 41.46% over the past one year. While a 52-week high of $209.41 was reached on 08/23/23, a 52-week low of $123.25 was recorded on 01/05/23. SMA at 50 days reached $198.66, while 200 days put it at $168.10. A total of 0.63 million shares were traded, compared to the trading of 0.7 million shares in the previous session.

Levels Of Support And Resistance For PWR Stock

The 24-hour chart illustrates a support level at 203.01, which if violated will result in even more drops to 200.76. On the upside, there is a resistance level at 207.14. A further resistance level may holdings at 209.02. The Relative Strength Index (RSI) on the 14-day chart is 56.69, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.95, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 34.21%. Stochastics %K at 63.77% indicates the stock is a holding.

How much short interest is there in Quanta Services Inc.?

A steep rise in short interest was recorded in Quanta Services Inc. stocks on Aug 14, 2023, dropping by -0.35 million shares to a total of 3.84 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.19 million shares. There was a decline of -9.11%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.01% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.18.

Quanta Services Inc. [PWR] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 15,516,563 shares, or roughly 10.69% of the outstanding PWR shares. In other words, the investor’s shares have risen by 206,941 from its previous 13-F filing of 15309622.0. Additionally, BlackRock Fund Advisors decreased -4.15% of its stake after which the total value it holdings stand at $1,435,082,570, while Capital Research & Management Co added 14.79% of its stake to hold $1.21 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 252,669 shares of Quanta Services Inc., while Peconic Partners LLC bought -35,000 shares. At present, JPMorgan Investment Management, I is holding 3,887,027 shares valued at $783.7 million. Fidelity Management & Research Co owned 3,689,110 shares of the company at the time of its most recent 13F filing, worth $743.8 million.

According to FactSet, Quanta Services Inc.’s share price will average $220.60 in the next year, based on opinions of analysts polled by the firm. This is up nearly 11.13 percent from its previous closing price of $201.56. Analysts expect Quanta Services Inc. stock to reach the higher price of $238.00, while the lowest price estimate is $185.00. However, 19 analysts have rated PWR stock as an Overweight in their predictions for 2023.


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