Adage Capital Partners GP L.L.C. Sells 62,300 Shares of Quanta Services, Inc. (NYSE:PWR)

Adage Capital Partners GP L.L.C. reduced its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 44.9% during the 4th quarter, according to its most recent filing with the Securities and 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 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PWR. Diamant Asset Management Inc. acquired a new stake in shares of Quanta Services in the 3rd quarter valued at approximately $206,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Quanta Services in the 3rd quarter valued at approximately $1,058,000. Tidal Investments LLC lifted its holdings in shares of Quanta Services by 10.5% in the 3rd quarter. Tidal Investments LLC now owns 18,779 shares of the construction company's stock valued at $5,597,000 after buying an additional 1,781 shares during the period. Synovus Financial Corp lifted its holdings in shares of Quanta Services by 34.0% in the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company's stock valued at $2,148,000 after buying an additional 1,830 shares during the period. Finally, Old North State Trust LLC lifted its holdings in shares of Quanta Services by 7.3% in the 3rd quarter. Old North State Trust LLC now owns 1,459 shares of the construction company's stock valued at $435,000 after buying an additional 99 shares during the period. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Up 11.3 %

Shares of NYSE:PWR traded up $33.15 during trading on Thursday, reaching $325.84. 1,720,111 shares of the company traded hands, compared to its average volume of 1,625,890. The firm has a fifty day simple moving average of $262.54 and a 200 day simple moving average of $300.16. The firm has a market cap of $48.31 billion, a P/E ratio of 54.04, a price-to-earnings-growth ratio of 1.41 and a beta of 1.04. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $365.88. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56.

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

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services's payout ratio is 6.63%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PWR shares. Stifel Nicolaus reduced their price objective on Quanta Services from $323.00 to $287.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price objective on Quanta Services from $297.00 to $323.00 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. Daiwa America raised Quanta Services from a "hold" rating to a "strong-buy" rating in a report on Friday, April 11th. Roth Capital raised Quanta Services to a "strong-buy" rating in a report on Thursday, February 20th. Finally, Citigroup reduced their price objective on Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a report on Friday, April 25th. Six equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $321.70.

About Quanta Services

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.