Primoris Services (NYSE:PRIM) Coverage Initiated at Oppenheimer

Equities research analysts at Oppenheimer assumed coverage on shares of Primoris Services (NYSE:PRIM) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $135.00 price target on the stock. Oppenheimer’s price objective would indicate a potential upside of 55.59% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Weiss Ratings downgraded shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 28th. Wells Fargo & Company lowered their price objective on shares of Primoris Services from $118.00 to $85.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 23rd. Mizuho dropped their price objective on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Wolfe Research reissued an “outperform” rating and set a $149.00 target price on shares of Primoris Services in a research report on Monday, June 15th. Finally, KeyCorp restated a “sector weight” rating on shares of Primoris Services in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.20.

Primoris Services Stock Performance

PRIM traded down $3.43 during trading on Tuesday, hitting $86.77. 44,133 shares of the stock were exchanged, compared to its average volume of 1,455,049. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services has a 1-year low of $65.00 and a 1-year high of $205.50. The stock has a fifty day moving average price of $116.02 and a two-hundred day moving average price of $135.78. The firm has a market capitalization of $4.71 billion, a P/E ratio of 19.22 and a beta of 1.41.

Primoris Services (NYSE:PRIM) last announced its earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. The business’s revenue was down 5.4% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, sell-side analysts predict that Primoris Services will post 1.88 earnings per share for the current year.

Insider Transactions at Primoris Services

In other Primoris Services news, Director David Lee King sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the transaction, the director directly owned 14,941 shares of the company’s stock, valued at $1,779,323.69. The trade was a 57.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the completion of the transaction, the insider owned 27,574 shares of the company’s stock, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRIM. Nordea Investment Management AB bought a new stake in shares of Primoris Services in the 4th quarter valued at approximately $7,181,000. New York State Teachers Retirement System boosted its holdings in Primoris Services by 327.8% during the fourth quarter. New York State Teachers Retirement System now owns 20,892 shares of the company’s stock valued at $2,594,000 after acquiring an additional 16,008 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Primoris Services by 2,338.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock valued at $39,033,000 after purchasing an additional 301,532 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Primoris Services by 509.6% during the 4th quarter. Principal Financial Group Inc. now owns 336,713 shares of the company’s stock worth $41,800,000 after purchasing an additional 281,482 shares during the last quarter. Finally, UBS Group AG increased its position in Primoris Services by 2.4% in the 4th quarter. UBS Group AG now owns 638,876 shares of the company’s stock worth $79,310,000 after buying an additional 15,112 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.