$1 Billion Share Buyback, Dividend Hike Announced by Quanta Services
PWR has more than doubled off its 52-week low of $320.56.
Summary
Quanta Services has launched a new $1 billion share repurchase program and increased its quarterly dividend to $0.11 per share. This capital allocation decision follows the company's record first-quarter results and raised full-year guidance reported on April 30th. The buyback, representing nearly 1% of the company's market capitalization, signals management's confidence in the company's financial strength and commitment to shareholder returns.
At the time of this announcement, PWR was trading at $730.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $107.6B. The 52-week trading range was $320.56 to $788.75. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.