Quanta Services Announces New Stock Repurchase Program
Quanta Service, Inc. (PWR) announced on August 6 that the company’s Board of Directors authorized a new stock repurchase program. As authorized by the board, management can repurchase up to $500 million in common shares from now through June 30, 2023. This new repurchase authorization is in addition to the $87 million outstanding from a previously authorized $500 million in share repurchases. The previous repurchase program remains in place until August 2021.
Sonal alerted subscribers at 6:57 am about this news event. The next trade took place at 8:44 am for $42.45. The stock price spiked towards $47 at the open before pulling back later in the day. The gains, however, continued over the next four trading sessions. Quanta Services closed at $49 48 on August 12 for a five-day gain of 16.6%.
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