5 Construction Stocks Hedge Funds Like as Spending Slumps

3. Quanta Services Inc (NYSE:PWR)

Number of Hedge Fund Shareholders: 46

Hedge fund ownership of Quanta Services Inc (NYSE:PWR) has jumped by 53% over the past eight quarters and currently sits near its all-time highs. Joe Dimenna’s ZWEIG DIMENNA PARTNERS built a new stake in PWR during Q1, consisting of 43,090 shares.

Quanta Services Inc (NYSE:PWR) provides infrastructure services for variety of industries and sectors in North America and Australia, including the energy, communications, and electric and gas spaces. Quanta is well positioned to take advantage of increased capital spending in the utilities industry, as those companies continue to develop and expand their 5G and broadband networks.

Quanta Services Inc (NYSE:PWR) pulled in $4.23 billion in revenue in Q2, topping $4 billion in quarterly revenue for the first time in its history. It also grew adjusted EPS by an impressive 45% to $1.54. PWR shares have gotten quite a bit more expensive by several metrics over the past few years, but with how well the company is executing, it’s hard to fault the valuations.