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Quanta Services (PWR) Amaze Investors With 14% Dividend Hike
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Quanta Services, Inc. (PWR - Free Report) announced a 14% hike in its quarterly dividend payout, enhancing stockholders’ value. This hike is reflective of its confidence in the stability of the base business, long-term prospects and solid financial position.
The company boosted its quarterly dividend to 8 cents per share (32 cents annually) from 7 cents (28 cents annually). This new dividend, approved by the board of directors, will be paid on Jan 13, 2023 to its stockholders of record as of Jan 3. The dividend yield, based on the latest payout and Dec 13 closing market price of $152.54, is approximately 0.19%.
Notably, a dividend increase not only enhances shareholder returns but also raises a stock’s market value. In fact, companies often tend to attract new investors and retain the old ones through this strategy.
Image Source: Zacks Investment Research
On Dec 13, shares of the company slipped 0.37%. Nonetheless, the stock gained 22.9% in the past six months compared with the Zacks Engineering - R and D Services industry’s 3.9% growth.
What Led to the Dividend Increase?
Quanta reported impressive financial numbers for third-quarter 2022. Adjusted earnings and revenues increased 19.6% and 33% year over year, respectively. The company’s earnings beat the Zacks Consensus Estimate in nine of the 10 consecutive quarters. Moreover, revenues surpassed the consensus mark in seven of the 10 consecutive quarters.
Notably, Quanta achieved strong double-digit growth in adjusted EBITDA and adjusted earnings per share, which is reflective of the benefits of its operations portfolio strategy and strategic capital deployment.
The company has been capitalizing on megatrends to lead the energy transition and enable technological development. Initiatives toward a reduced-carbon economy continue to drive the demand for PWR’s services and depict incremental growth opportunities.
Also, this Zacks Rank #3 (Hold) company banks on solid project execution strategy and three-pronged growth plans, which emphasize timely delivery of projects to exceed customer expectation, leveraging the core business to expand in complementary adjacent service lines and consistently explore new service lines.
Some better-ranked stocks in the Zacks Construction sector are CRH plc (CRH - Free Report) , Janus International Group, Inc. (JBI - Free Report) and United Rentals, Inc. (URI - Free Report) , each carrying a Zacks Rank #2 (Buy).
CRH manufactures cement, concrete products, aggregates, roofing, insulation and other building materials.
CRH’s expected earnings growth rate for 2022 is 22.1%. The Zacks Consensus Estimate for current-year and next-year earnings has improved to $3.98 and $3.43 per share from $3.46 and $3.42, respectively, over the past 30 days.
Headquartered in Temple, GA, Janus manufactures and supplies turn-key self-storage and commercial and industrial building solutions. Solid backlog levels, an impressive project pipeline, productivity improvements and commercial actions, including pricing, are expected to drive growth. The company is expected to benefit from its one-stop-shop offering with a leading market share position in self-storage doors and related design and installation services.
Janus’ earnings for 2022 are expected to rise 21%. The Zacks Consensus Estimate for current-year and next-year earnings has improved to 75 cents and 88 cents per share from 69 cents and 80 cents, respectively, over the past 30 days.
United Rentals is the largest equipment rental company in the world, with an integrated network of 1,390 rental locations in the United States, Canada and Europe.
URI’s expected earnings growth rates for 2022 and 2023 are 47.3% and 12.5%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved to $32.50 and $36.57 per share from $32.41 and $36.27, respectively, over the past 30 days.
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Quanta Services (PWR) Amaze Investors With 14% Dividend Hike
Quanta Services, Inc. (PWR - Free Report) announced a 14% hike in its quarterly dividend payout, enhancing stockholders’ value. This hike is reflective of its confidence in the stability of the base business, long-term prospects and solid financial position.
The company boosted its quarterly dividend to 8 cents per share (32 cents annually) from 7 cents (28 cents annually). This new dividend, approved by the board of directors, will be paid on Jan 13, 2023 to its stockholders of record as of Jan 3. The dividend yield, based on the latest payout and Dec 13 closing market price of $152.54, is approximately 0.19%.
Notably, a dividend increase not only enhances shareholder returns but also raises a stock’s market value. In fact, companies often tend to attract new investors and retain the old ones through this strategy.
Image Source: Zacks Investment Research
On Dec 13, shares of the company slipped 0.37%. Nonetheless, the stock gained 22.9% in the past six months compared with the Zacks Engineering - R and D Services industry’s 3.9% growth.
What Led to the Dividend Increase?
Quanta reported impressive financial numbers for third-quarter 2022. Adjusted earnings and revenues increased 19.6% and 33% year over year, respectively. The company’s earnings beat the Zacks Consensus Estimate in nine of the 10 consecutive quarters. Moreover, revenues surpassed the consensus mark in seven of the 10 consecutive quarters.
Notably, Quanta achieved strong double-digit growth in adjusted EBITDA and adjusted earnings per share, which is reflective of the benefits of its operations portfolio strategy and strategic capital deployment.
The company has been capitalizing on megatrends to lead the energy transition and enable technological development. Initiatives toward a reduced-carbon economy continue to drive the demand for PWR’s services and depict incremental growth opportunities.
Also, this Zacks Rank #3 (Hold) company banks on solid project execution strategy and three-pronged growth plans, which emphasize timely delivery of projects to exceed customer expectation, leveraging the core business to expand in complementary adjacent service lines and consistently explore new service lines.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Picks
Some better-ranked stocks in the Zacks Construction sector are CRH plc (CRH - Free Report) , Janus International Group, Inc. (JBI - Free Report) and United Rentals, Inc. (URI - Free Report) , each carrying a Zacks Rank #2 (Buy).
CRH manufactures cement, concrete products, aggregates, roofing, insulation and other building materials.
CRH’s expected earnings growth rate for 2022 is 22.1%. The Zacks Consensus Estimate for current-year and next-year earnings has improved to $3.98 and $3.43 per share from $3.46 and $3.42, respectively, over the past 30 days.
Headquartered in Temple, GA, Janus manufactures and supplies turn-key self-storage and commercial and industrial building solutions. Solid backlog levels, an impressive project pipeline, productivity improvements and commercial actions, including pricing, are expected to drive growth. The company is expected to benefit from its one-stop-shop offering with a leading market share position in self-storage doors and related design and installation services.
Janus’ earnings for 2022 are expected to rise 21%. The Zacks Consensus Estimate for current-year and next-year earnings has improved to 75 cents and 88 cents per share from 69 cents and 80 cents, respectively, over the past 30 days.
United Rentals is the largest equipment rental company in the world, with an integrated network of 1,390 rental locations in the United States, Canada and Europe.
URI’s expected earnings growth rates for 2022 and 2023 are 47.3% and 12.5%, respectively. The Zacks Consensus Estimate for current-year and next-year earnings has improved to $32.50 and $36.57 per share from $32.41 and $36.27, respectively, over the past 30 days.