Quanta Services stock gains after setting new $500 million stock buyback program

Shares of Quanta Services Inc.
PWR,
-0.03%
gained 0.8% in premarket trading after the provider of infrastructure services for utilities and energy companies set a new $500 million stock repurchase program. The new program represents 2.1% of the company’s market capitalization of $24.19 billion at Tuesday’s close. The company also declared a regular quarterly dividend of 8 cents a share. At Tuesday’s stock closing price of $166.61, the annual dividend rate of 32 cents a share, implies a dividend yield of 0.19%, which compares with the yield for the Industrial Select Sector SPDR exchange-traded fund
XLI,
-1.29%
of 1.68% and the implied yield for the S&P 500
SPX,
-0.73%
of 1.65%. Quanta’s stock has run up 16.9% year to date through Tuesday, while the S&P 500 has gained 8.0%.