Covenant Asset Management LLC Sells 590 Shares of Quanta Services, Inc. (NYSE:PWR)

Covenant Asset Management LLC decreased its position in Quanta Services, Inc. (NYSE:PWR) by 2.2% in the 4th quarter, Holdings Channel reports. The fund owned 25,659 shares of the construction company’s stock after selling 590 shares during the period. Quanta Services accounts for 1.2% of Covenant Asset Management LLC’s holdings, making the stock its 10th biggest holding. Covenant Asset Management LLC’s holdings in Quanta Services were worth $8,110,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Versor Investments LP acquired a new position in Quanta Services in the 3rd quarter worth $406,000. Principal Financial Group Inc. increased its position 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 worth $61,932,000 after acquiring an additional 11,012 shares during the last quarter. Kestra Private Wealth Services LLC boosted its holdings in Quanta Services by 85.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,752 shares of the construction company’s stock valued at $1,502,000 after purchasing an additional 2,184 shares during the last quarter. Synovus Financial Corp grew its stake in Quanta Services by 34.0% during the 3rd 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 in the last quarter. Finally, Waverton Investment Management Ltd increased its holdings in Quanta Services by 6.5% during the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock worth $12,509,000 after purchasing an additional 2,557 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Performance

PWR opened at $285.13 on Friday. Quanta Services, Inc. has a twelve month low of $206.58 and a twelve month high of $365.88. The stock has a market cap of $42.09 billion, a PE ratio of 52.61, a price-to-earnings-growth ratio of 1.56 and a beta of 1.05. The business’s 50 day moving average is $320.72 and its 200-day moving average is $304.05. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s payout ratio is 7.38%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PWR shares. Northland Securities reissued an “outperform” rating and set a $328.00 price target (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Guggenheim assumed coverage on shares of Quanta Services in a research report on Wednesday, January 8th. They issued a “neutral” rating for the company. Truist Financial cut their target price on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Stifel Nicolaus boosted their price objective on Quanta Services from $374.00 to $388.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Finally, Daiwa Capital Markets began coverage on Quanta Services in a report on Friday, December 6th. They set an “outperform” rating and a $355.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Quanta Services presently has a consensus rating of “Moderate Buy” and an average target price of $330.50.

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.