Louis Navellier’s 2023 Portfolio: 5 Growth Stocks to Watch

2. Quanta Services, Inc. (NYSE:PWR)

Stake Value of Navellier & Associates: $10,968,745

Number of Hedge Fund Holders: 39

Quanta Services, Inc. (NYSE:PWR) offers infrastructure solutions to various industries worldwide, including electric and gas utility, renewable energy, communications, pipeline, and energy. In Q1 2023, Navaellier owned 65,823 shares of Quanta Services, Inc. (NYSE:PWR) worth nearly $11 million, representing 2.3% of the 13F securities. 

On May 24, Quanta Services, Inc. (NYSE:PWR) declared a quarterly dividend of $0.08 per share, in line with previous. The dividend is payable on July 14, to shareholders of record on July 3. Additionally, the board of directors authorized a new stock repurchase program worth up to $500 million through June 30, 2026.

According to Insider Monkey’s first quarter database, 39 hedge funds were bullish on Quanta Services, Inc. (NYSE:PWR), compared to 43 funds in the prior quarter. William Harnisch’s Peconic Partners is the largest stakeholder of the company, with 5.56 million shares worth $927 million. 

Baron Asset Fund made the following comment about Quanta Services, Inc. (NYSE:PWR) in its Q1 2023 investor letter:

“We initiated a position in Quanta Services, Inc. (NYSE:PWR) during the quarter. Quanta is a leading specialized contracting services company for the utility, energy, and communications industries. We think the company is well positioned to benefit from the substantial investment that will be required to build out both the existing electric grid and renewable energy production capacity to meet the country’s clean energy goals.

Investment in the electric grid is necessary not only to upgrade aging infrastructure and increase its reliability but also to connect it to sources of renewable energy. The nature of the electric grid is changing. It will increasingly be expected to meet the needs of a diverse energy landscape, as more intermittent renewable energy resources are added and more distributed energy resources, like rooftop solar, are connected. In particular, we believe that widespread adoption of electric vehicles will require substantial investment in the distribution grid. This is because the ensuing load requirements are well in excess of what the existing infrastructure can support, leading to necessary upgrades. The Inflation Reduction Act should accelerate these trends and give more than a decade of visibility into grid related investments. We believe these drivers create a robust backdrop for Quanta’s business…” (Click here to read the full text)