Primoris Services (NYSE:PRIM) Stock Price Target Cut by Oppenheimer

Primoris Services (NYSE:PRIM) had its price target decreased by Oppenheimer from $135.00 to $115.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer‘s price target suggests a potential upside of 75.69% from the company’s current price.

A number of other equities research analysts have also recently issued reports on PRIM. Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Cantor Fitzgerald reiterated a “neutral” rating and set a $105.00 target price on shares of Primoris Services in a research note on Tuesday, September 29th. Roth Capital reissued a “buy” rating and set a $100.00 price target on shares of Primoris Services in a report on Monday, July 20th. Guggenheim reduced their price target on Primoris Services from $162.00 to $127.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primoris Services in a report on Tuesday. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $116.20.

Primoris Services Stock Performance

Shares of NYSE PRIM traded up $5.90 during mid-day trading on Thursday, reaching $65.46. 2,655,879 shares of the company were exchanged, compared to its average volume of 1,505,290. The company’s 50-day simple moving average is $74.55 and its 200-day simple moving average is $111.35. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $3.52 billion, a P/E ratio of 36.98 and a beta of 1.44. Primoris Services has a twelve month low of $57.72 and a twelve month high of $205.50.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.39. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. Primoris Services’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.88 EPS. As a group, research analysts predict that Primoris Services will post 1.77 earnings per share for the current year.

Institutional Investors Weigh In On Primoris Services

Several institutional investors have recently made changes to their positions in PRIM. Bank of America Corp DE bought a new stake in shares of Primoris Services during the 2nd quarter valued at $17,268,000. Royal Bank of Canada grew its holdings in shares of Primoris Services by 79.7% during the 1st quarter. Royal Bank of Canada now owns 55,614 shares of the company’s stock worth $7,955,000 after purchasing an additional 24,672 shares in the last quarter. Kayne Anderson Capital Advisors LP acquired a new stake in shares of Primoris Services during the 2nd quarter worth $2,514,000. Raiffeisen Bank International AG increased its position in shares of Primoris Services by 904.8% in the second quarter. Raiffeisen Bank International AG now owns 198,000 shares of the company’s stock worth $19,254,000 after purchasing an additional 178,294 shares during the period. Finally, Vontobel Holding Ltd. increased its position in shares of Primoris Services by 34.0% in the third quarter. Vontobel Holding Ltd. now owns 452,306 shares of the company’s stock worth $33,706,000 after purchasing an additional 114,640 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.