Jennison Associates LLC Has $52.61 Million Stock Position in Quanta Services, Inc. (NYSE:PWR)

Jennison Associates LLC decreased its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 24.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 202,491 shares of the construction company’s stock after selling 67,017 shares during the quarter. Jennison Associates LLC owned about 0.14% of Quanta Services worth $52,607,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Private Ocean LLC acquired a new position in shares of Quanta Services during the 1st quarter worth approximately $26,000. Hazlett Burt & Watson Inc. increased its holdings in shares of Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after acquiring an additional 52 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $34,000. Valley National Advisers Inc. acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $41,000. Finally, Vestor Capital LLC acquired a new position in shares of Quanta Services during the 4th quarter worth approximately $42,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Price Performance

Shares of PWR stock traded up $0.44 on Tuesday, hitting $255.10. 299,284 shares of the company’s stock were exchanged, compared to its average volume of 929,508. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $286.87. The stock has a market cap of $37.34 billion, a P/E ratio of 49.35 and a beta of 1.03. The company has a 50 day moving average of $268.43 and a 200 day moving average of $242.57.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, May 2nd. The construction company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The business had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $4.96 billion. On average, equities research analysts predict that Quanta Services, Inc. will post 7.69 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be issued a $0.09 dividend. The ex-dividend date is Monday, July 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. Quanta Services’s payout ratio is presently 6.98%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup upped their price objective on Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Robert W. Baird upped their price objective on Quanta Services from $265.00 to $287.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Evercore ISI upped their price objective on Quanta Services from $255.00 to $288.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Truist Financial reaffirmed a “buy” rating and issued a $305.00 price objective (up from $301.00) on shares of Quanta Services in a report on Monday, May 6th. Finally, Argus upped their price objective on Quanta Services from $285.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $268.85.

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.