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

Covenant Asset Management LLC lessened its holdings in Quanta Services, Inc. (NYSE:PWR) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,659 shares of the construction company’s stock after selling 590 shares during the quarter. Quanta Services accounts for about 1.2% of Covenant Asset Management LLC’s holdings, making the stock its 10th biggest position. Covenant Asset Management LLC’s holdings in Quanta Services were worth $8,110,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PWR. Myriad Asset Management US LP purchased a new position in Quanta Services in the fourth quarter worth $1,283,000. Quaero Capital S.A. increased its holdings in shares of Quanta Services by 198.2% in the 4th quarter. Quaero Capital S.A. now owns 7,128 shares of the construction company’s stock valued at $2,253,000 after purchasing an additional 4,738 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in Quanta Services by 22.8% during the fourth quarter. Valeo Financial Advisors LLC now owns 3,261 shares of the construction company’s stock worth $1,031,000 after buying an additional 605 shares in the last quarter. Banque Pictet & Cie SA grew its position in Quanta Services by 5.4% during the fourth quarter. Banque Pictet & Cie SA now owns 13,350 shares of the construction company’s stock worth $4,219,000 after buying an additional 680 shares during the period. Finally, V Square Quantitative Management LLC lifted its position in shares of Quanta Services by 29.7% during the 4th quarter. V Square Quantitative Management LLC now owns 3,740 shares of the construction company’s stock valued at $1,182,000 after acquiring an additional 856 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Performance

NYSE PWR opened at $285.13 on Friday. The business’s 50-day simple moving average is $320.72 and its 200-day simple moving average is $304.05. The firm has a market capitalization of $42.09 billion, a P/E ratio of 52.61, a P/E/G ratio of 1.56 and a beta of 1.05. Quanta Services, Inc. has a 1-year low of $206.58 and a 1-year high of $365.88. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.

Quanta Services Increases Dividend

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

Analyst Upgrades and Downgrades

PWR has been the subject of several research analyst reports. Bank of America initiated coverage on Quanta Services in a research note on Friday, January 24th. They issued a “buy” rating and a $407.00 price objective for the company. Citigroup cut their price target on Quanta Services from $394.00 to $371.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Stifel Nicolaus increased their price objective on shares of Quanta Services from $374.00 to $388.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. BMO Capital Markets initiated coverage on shares of Quanta Services in a report on Monday, February 3rd. They issued an “outperform” rating and a $338.00 price target on the stock. Finally, Daiwa America raised shares of Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target 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.