CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 41,000 Shares of Primoris Services Corporation $PRIM

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 47.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 127,000 shares of the company’s stock after purchasing an additional 41,000 shares during the period. Primoris Services makes up 0.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 27th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Primoris Services were worth $15,766,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Uncommon Cents Investing LLC boosted its holdings in Primoris Services by 2.1% in the third quarter. Uncommon Cents Investing LLC now owns 3,900 shares of the company’s stock worth $536,000 after purchasing an additional 80 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Primoris Services by 9.7% in the 3rd quarter. Assetmark Inc. now owns 953 shares of the company’s stock worth $131,000 after buying an additional 84 shares during the last quarter. CWM LLC boosted its stake in shares of Primoris Services by 1.1% in the 4th quarter. CWM LLC now owns 8,970 shares of the company’s stock worth $1,114,000 after buying an additional 96 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Primoris Services by 5.5% in the third quarter. NewEdge Advisors LLC now owns 2,071 shares of the company’s stock worth $284,000 after acquiring an additional 108 shares during the period. Finally, Oliver Luxxe Assets LLC increased its position in Primoris Services by 0.4% during the third quarter. Oliver Luxxe Assets LLC now owns 32,308 shares of the company’s stock valued at $4,437,000 after acquiring an additional 124 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRIM. Guggenheim increased their target price on Primoris Services from $170.00 to $184.00 and gave the company a “buy” rating in a report on Wednesday, April 1st. UBS Group upped their price target on shares of Primoris Services from $165.00 to $176.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. DA Davidson set a $180.00 price objective on shares of Primoris Services in a report on Wednesday, February 25th. Cantor Fitzgerald set a $160.00 target price on shares of Primoris Services and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Finally, Mizuho upped their target price on shares of Primoris Services from $128.00 to $143.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average target price of $156.31.

Primoris Services Stock Up 5.3%

Shares of PRIM opened at $166.29 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a 50-day moving average of $150.93. The stock has a market capitalization of $9.02 billion, a PE ratio of 33.06 and a beta of 1.38. Primoris Services Corporation has a 52 week low of $53.13 and a 52 week high of $174.43.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.13. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Primoris Services had a return on equity of 18.67% and a net margin of 3.63%.The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 EPS. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Primoris Services’s dividend payout ratio is currently 6.36%.

About Primoris Services

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.