Primoris Services Corporation (NYSE:PRIM) Stock Has Average Price Target of $127.60 According to Brokerages

Shares of Primoris Services Corporation (NYSE:PRIM) have been assigned an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $127.60.

Several equities research analysts have recently issued reports on PRIM shares. Zacks Research raised shares of Primoris Services from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings lowered Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Piper Sandler initiated coverage on Primoris Services in a research report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price target on the stock. Oppenheimer initiated coverage on Primoris Services in a research report on Tuesday, July 7th. They set an “outperform” rating and a $135.00 price target on the stock. Finally, Guggenheim cut their price objective on Primoris Services from $162.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, August 6th.

Primoris Services Stock Down 2.1%

Primoris Services stock opened at $71.11 on Tuesday. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 27.89 and a beta of 1.43. Primoris Services has a 52 week low of $65.00 and a 52 week high of $205.50. The business’s 50-day moving average price is $78.79 and its 200 day moving average price is $108.71. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the firm posted $1.68 earnings per share. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primoris Services will post 1.78 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Primoris Services’s payout ratio is presently 12.55%.

Hedge Funds Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Total Wealth Planning & Management Inc. acquired a new stake in shares of Primoris Services in the fourth quarter valued at approximately $1,116,000. Royal Bank of Canada boosted its stake in Primoris Services by 79.7% during the first quarter. Royal Bank of Canada now owns 55,614 shares of the company’s stock worth $7,955,000 after buying an additional 24,672 shares during the last quarter. Bank of America Corp DE boosted its stake in Primoris Services by 4.4% during the first quarter. Bank of America Corp DE now owns 324,887 shares of the company’s stock worth $46,472,000 after buying an additional 13,617 shares during the last quarter. Kayne Anderson Capital Advisors LP purchased a new stake in Primoris Services in the 2nd quarter valued at $2,514,000. Finally, Legal & General Group Plc increased its stake in shares of Primoris Services by 118.2% in the 4th quarter. Legal & General Group Plc now owns 146,972 shares of the company’s stock worth $18,272,000 after acquiring an additional 79,621 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.