Adage Capital Partners GP L.L.C. Trims Holdings in Quanta Services, Inc. (NYSE:PWR)

Adage Capital Partners GP L.L.C. decreased its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 44.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,591 shares of the construction company's stock after selling 62,300 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.05% of Quanta Services worth $24,207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PWR. Kestra Private Wealth Services LLC increased its holdings in Quanta Services by 85.0% in the 4th quarter. Kestra Private Wealth Services LLC now owns 4,752 shares of the construction company's stock worth $1,502,000 after buying an additional 2,184 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Quanta Services by 5.6% during the third quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company's stock valued at $61,932,000 after purchasing an additional 11,012 shares during the last quarter. Synovus Financial Corp lifted its position in Quanta Services by 34.0% during the third quarter. Synovus Financial Corp now owns 7,206 shares of the construction company's stock valued at $2,148,000 after purchasing an additional 1,830 shares during the period. Allstate Corp purchased a new stake in Quanta Services in the fourth quarter worth approximately $1,357,000. Finally, Hennion & Walsh Asset Management Inc. raised its stake in Quanta Services by 4.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 17,573 shares of the construction company's stock valued at $5,554,000 after buying an additional 793 shares during the last quarter. Institutional investors own 90.49% of the company's stock.

Quanta Services Price Performance

PWR traded up $2.12 during trading hours on Tuesday, hitting $292.74. The company's stock had a trading volume of 1,047,920 shares, compared to its average volume of 1,626,235. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $365.88. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56. The business's 50-day moving average price is $262.08 and its 200-day moving average price is $300.21. The stock has a market cap of $43.40 billion, a price-to-earnings ratio of 48.55, a P/E/G ratio of 1.41 and a beta of 1.04.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.12. The firm had revenue of $6.55 billion for the quarter, compared to analysts' expectations of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. Sell-side analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Quanta Services's payout ratio is presently 6.63%.

Analyst Ratings Changes

PWR has been the subject of a number of research reports. Guggenheim assumed coverage on Quanta Services in a research report on Wednesday, January 8th. They set a "neutral" rating for the company. Truist Financial lowered their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Stifel Nicolaus dropped their price target on shares of Quanta Services from $323.00 to $287.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Daiwa Capital Markets lowered Quanta Services from an "outperform" rating to a "neutral" rating in a report on Monday, February 24th. Finally, The Goldman Sachs Group reduced their target price on shares of Quanta Services from $418.00 to $364.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Quanta Services presently has a consensus rating of "Moderate Buy" and an average target price of $321.70.

Quanta Services Profile

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company's Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.