10 Best American Energy Stocks To Buy According to Hedge Funds

6. Quanta Services Inc. (NYSE:PWR)

Number of Hedge Fund Holders: 58

Leading specialist contracting firm Quanta Services, Inc. (NYSE:PWR) offers complete infrastructure solutions for the pipeline, energy, communications, and gas and electric utility markets in the US, Canada, and Australia. Quanta divides its results into three reportable segments: electric power, renewables infrastructure, and underground utility and infrastructure.

Quanta Services, Inc. (NYSE:PWR) is a top specialist contractor serving clients in the telecom, oil and gas, utility, and renewable energy markets. Its strategy goal is to position itself to benefit from secular growth trends, such as renewable energy deployment and electric grid investment, that raise demand for contractual services. In the past, the business has employed acquisitions to support organic growth in order to fulfill its objectives.

In Q3 of 2024, Quanta Services, Inc. (NYSE:PWR)’s revenue grew by 16% YoY to $6.5 billion. The rise in revenue was primarily driven by strategic acquisitions, the successful integration of acquired firms, and the high demand for the company’s services. The cash flow from operations increased by 82% to $739.91 million, while the cash flow increased by 93% YoY. Moreover, the acquisition of Cupertino Electric, which added electrical infrastructure solutions in the technology and renewable energy sectors, was one of the most significant moves for Quanta Services in Q3 2024.

The price target for Quanta Services, Inc. (NYSE:PWR) was increased by DA Davidson from $260 to $295 on November 4, 2024. In a research note, the analyst informs investors that the firm’s 2025 projections have improved since it believes the company should keep taking advantage of the current tailwinds in power generation development, electrical delivery, and complex facility buildout, even though it also sees these opportunities being fairly represented in estimates.

William Harnisch’s Peconic Partners LLC was the largest stakeholder in the company among the funds in Insider Monkey’s database. It owns 5,498,565 shares worth $1.64 billion as of Q3.