PWR QUANTA SERVICES, INC. Insider Trading

PWR President & CEO Austin Earl sells 160,000 shares for ~$120M at all-time highs; prior sales on this stock underperformed badly.

Austin Earl C. Jr., the company's President and CEO, executed a massive single-day liquidation on May 5, selling 160,000 shares across 26 separate transactions for approximately $120 million as the stock traded at all-time highs. This represents one of the largest C-suite sell events by dollar value for Quanta Services and stands out sharply against Earl's own track record: his two prior sales in this stock both saw the shares rise significantly in the months that followed, making both exits poorly timed. Now Earl is selling again at the exact peak, which could suggest he has identified better value elsewhere or has liquidity needs, but the data cannot confirm his motivation. The company remains profitable with strong revenue growth, though it trades at a notably elevated valuation. The timing and scale of this sale—combined with Earl's history of selling near local peaks only to watch the stock climb further—makes monitoring how the stock behaves in the coming months essential for understanding whether this exit was prescient or another misstep.

Chief Accounting Officer Paul Nobel sells 4,000 shares (one-third of holdings) at peak valuation.

Paul Nobel, Chief Accounting Officer at Quanta Services, sold a substantial block of shares representing roughly one-third of his holdings, though he continues to hold the remainder, indicating he maintained meaningful ownership exposure. The company is profitable and growing revenue, yet the sale occurred when the stock was trading at the highest point in its recent range and up significantly from its lows, suggesting Nobel was taking advantage of favorable valuation rather than buying into weakness. As the CAO with direct visibility into financial operations, his decision to trim holdings at peak price levels warrants attention, though the retention of two-thirds of his position suggests this is a partial monetization rather than an exit conviction. The sale's timing at maximum valuation, combined with the company's stretched earnings multiple, raises questions about whether this signals Nobel's view that the recent rally has overextended the stock's fundamentals.

EVP/General Counsel Wayne Donald sold 14,000 shares for $6.2M at PWR, reducing holdings 29.1% to 34.1K shares

Wayne Donald (EVP and General Counsel) executed 5 separate sales totaling 14,000 shares for $6,213,342.75 on 2025-11-06, at a blended average price of $443.81. His post-transaction holding of 34,075 shares represents a 29.1% reduction in his pre-transaction position. The sale occurred near the 52-week high ($453.83; current price $450.38 is -0.8% from that high), and the stock is up 7.8% over 30 days and 15.0% over 90 days. His cross-ticker track record (3 prior sells) shows an average 90-day return of +5.2% with a well-timed rate of 33.33%. At PWR specifically, 1 of his 3 prior sales was well-timed at the 90-day mark, with two sales (2024-03-04 and 2024-03-05) posting strong 90-day returns (+13.9% and +12.5%), indicating his prior PWR sales preceded gains rather than declines.

Ducey (Pres. – Strategic Operations, PWR) sold 7,653 shares at $446.08 on 2025-11-06; stock now $450.38, up 7.8% in 30 days.

Gerald A Ducey Jr., President of Strategic Operations, sold 7,653 shares for $3,413,850.24, reducing his position from 27,613 to 19,960 shares (a -27.7% reduction). The sale occurred at $446.08, below the stock's current price of $450.38 and near its 52-week high of $453.83. His cross-ticker track record shows mixed timing: 1 prior sell with an average 90-day return of +24.4% (poorly timed; stock rose after the sale), and his prior sale at PWR in August 2024 followed the same pattern. Quanta Services trades at a high valuation (P/E 65.94) with strong quarterly fundamentals: $7.6B revenue, $339.4M net income, and 13.4% annual revenue growth. The sale represents a significant reduction in an executive's direct stake during a period of strong stock appreciation.

Director Jackman Worthing sold 6,349 shares of PWR at $450.45, reducing stake by 76.7% to 1,930 shares

Jackman Worthing, a director of Quanta Services, executed a substantial open-market sale of 6,349 shares (76.7% of his prior holding) at $450.45 on 2025-11-05, retaining only 1,930 shares post-transaction. The sale occurred near the 52-week high of $453.83, with the stock currently trading at $445.01. His prior sell at PWR on 2024-02-28 generated a 90-day return of +17.8%, indicating the stock rose after that earlier sale—a poorly-timed outcome from the insider's perspective. The director's cross-ticker track record shows a 0.00% well-timed rate across 1 prior sell, with an average 90-day return of +17.8%, suggesting a pattern of selling before periods of continued appreciation rather than before declines. PWR trades at a P/E of 65.16 with recent quarterly revenue of $7,631,408,000 and 13.4% annual growth, but this aggressive multiple warrants attention to whether the sale reflects a broader reassessment of valuation or concentration-risk management.

Director Bernard Fried sold 4,000 PWR shares at $452.19 (1.8M); stock near 52-week high, 90-day return strong at +17.1%

Bernard Fried, a Director of Quanta Services, sold 4,000 shares (24.3% of holdings) on 2025-11-03 at $452.19, bringing his stake from 16,493 to 12,493 shares. The sale occurred near the 52-week high of $453.83, with the stock up 17.1% over 90 days and +6.0% over 30 days. His prior sell at this ticker on 2023-06-02 posted a 90-day return of +16.7%, indicating the stock rose after that sale—a poorly-timed exit. The company reports strong fundamentals with $7.6B revenue, +13.4% annual growth, and a P/E of 66.39, though the current valuation remains elevated. This sale is the only measurable activity at PWR in his record and follows a pattern of prior underperformance on timing grounds.

President of Electric Power division sold 23,357 shares ($6.3M) at blended avg $270.51, reducing holdings 68.7%

Studer Karl W executed three separate sales totaling 23,357 shares for $6,318,340.91 on 2024-08-21, reducing his post-transaction holdings to 10,631 shares from 33,988 shares—a 68.7% reduction of his prior position. The sales prices ($268.97, $270.09, $271.15) cluster tightly around the blended average of $270.51 and occurred within 1.2% of the current price of $273.17, suggesting execution near market levels. At Quanta Services' current valuation (P/E of 50.96, market cap $40.2B) following 22.3% annual revenue growth, this substantial reduction in a President-level executive's holdings merits investor attention to understand the underlying motivation—whether driven by liquidity needs, portfolio rebalancing, or other factors that may inform broader confidence in the company's trajectory.

PWR CEO Austin Earl C. Jr. sold 130,000 shares for $34,086,666.40 on 2024-08-14; retains 593,402 shares post-sale.

CEO Austin Earl C. Jr. executed 2 separate sales totaling 130,000 shares for $34,086,666.40 at prices ranging from $262.12 to $263.28, reducing his holdings by -18.0% from 723,402 to 593,402 shares. This is a material and material reduction by the CEO at Quanta Services, which reports $5,594,387,000.00 in revenue and has delivered +22.3% annual revenue growth. The timing occurs at $262.21 blended average, -6.2% below the 52-week high of $283.43 and near the 30-day +8.6% gain, when the stock has recovered but has not yet breached recent highs. Notably, Austin's 5 prior sales at PWR on 2023-05-12 all generated positive 90-day returns (3.7%–16.4%), showing a historical pattern of selling before subsequent gains, yet none of those sales were well-timed in the traditional sense (none were followed by declines).

PWR President Ducey sells 15,000 shares ($3.9M) at $257.93; stock down 2.5% in 30 days at $262.00 current price

Ducey Gerald A JR, President of Strategic Operations, executed a single open-market sale of 15,000 shares at $257.93 on 2024-08-09, reducing his holdings by 41.3% (from 36,286 to 21,286 shares). At the time of sale, the stock was trading 7.6% below its 52-week high of $283.43. Since the transaction date, the stock has declined 2.5% over 30 days and 3.2% over 90 days, trading at $262.00 currently. Quanta Services has reported strong fundamentals with annual revenue growth of +22.3% and a market cap of $38.6B, though trading at a P/E of 48.88. The substantial reduction in a senior executive's direct holdings warrants investor attention regarding conviction and future capital allocation decisions.

PWR COO Probst sells 34,000 shares for $8.8M at $260.03 avg, cutting stake by 54%

James Redgie Probst, Chief Operating Officer of Quanta Services, Inc., executed 2 separate open-market sales on 2024-08-09, totaling 34,000 shares for $8,841,067.95 at a blended average price of $260.03. This reduction cut his holdings from 63,002 to 29,002 shares, a -54.0% net change. The sales occurred near the stock's current price of $262.00, which remains -7.6% below the 52-week high of $283.43. Examining prior patterns at PWR specifically: Probst's 2 earlier sales at this ticker (both on 2023-05-10) each generated positive 30-day and 90-day returns, meaning he sold before subsequent price appreciation—a poorly-timed pattern in both instances. The material scale of this divestiture (selling more than half his remaining holdings) combined with the company's elevated valuation (P/E of 48.88) and strong growth backdrop (annual revenue growth +22.3%, current quarterly revenue $5.6B) merits attention to whether this represents concentrated portfolio management or a shift in conviction regarding near-term prospects.