Primoris Services (NYSE:PRIM – Get Free Report)‘s stock had its “neutral” rating reissued by equities researchers at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday, MarketBeat reports. They currently have a $105.00 target price on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 38.08% from the company’s previous close.
A number of other research analysts have also weighed in on the company. Wells Fargo & Company reduced their price objective on 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. The Goldman Sachs Group upgraded Primoris Services from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $107.00 to $102.00 in a research report on Thursday, June 25th. Oppenheimer began coverage on Primoris Services in a research report on Tuesday, July 7th. They issued an “outperform” rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. upgraded Primoris Services from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $105.00 to $116.00 in a research report on Monday, June 29th. Finally, KeyCorp restated a “sector weight” rating on shares of Primoris Services in a research report on Tuesday, June 23rd. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.
View Our Latest Research Report on PRIM
Primoris Services Price Performance
Primoris Services (NYSE:PRIM – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.08. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The company’s revenue was down 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.68 EPS. Research analysts forecast that Primoris Services will post 1.78 earnings per share for the current fiscal year.
Institutional Trading of Primoris Services
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC boosted its position in shares of Primoris Services by 46.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,073 shares of the company’s stock worth $205,000 after purchasing an additional 659 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Primoris Services in the 2nd quarter worth $124,000. Nykredit A S acquired a new stake in shares of Primoris Services in the 2nd quarter worth $185,000. Corient Private Wealth LP boosted its position in shares of Primoris Services by 108.2% in the 2nd quarter. Corient Private Wealth LP now owns 35,557 shares of the company’s stock worth $3,524,000 after purchasing an additional 18,480 shares in the last quarter. Finally, Amundi boosted its position in shares of Primoris Services by 51.6% in the 2nd quarter. Amundi now owns 11,619 shares of the company’s stock worth $1,152,000 after purchasing an additional 3,957 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.
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.
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