Quanta Services, Inc. Buyback
OLI recorded this information on 8/6/2020
Quanta Services, Inc.
Quanta Services, Inc. (NYSE:PWR) today announced that its board of directors, in support of management's request, has authorized the company to repurchase, from time to time through June 30, 2023, up to $500 million in shares of its outstanding common stock under a new stock repurchase program. The new program is in addition to the remaining $87 million available under the previously authorized $500 million stock repurchase program, pursuant to which Quanta has repurchased approximately 13.0 million shares of its common stock in the open market for a total cost of approximately $413 million and which authorizes repurchases through August 2021.
Quanta Services is a provider of specialty contracting services, delivering infrastructure solutions for the electric and gas utility, communications, pipeline and energy industries in the U.S., Canada, Australia and select other international markets. Co. has two reportable segments: Electric Power Infrastructure Solutions, which provides network solutions to customers in the electric power industry; and Underground Utility and Infrastructure Solutions, which provides infrastructure solutions to customers involved in the development, transportation, distribution, storage and processing of natural gas, oil and other products.
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Strong Buy (3.50 out of 4)