Primoris Services (NYSE:PRIM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Primoris Services (NYSE:PRIM) from a sell rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

PRIM has been the subject of several other reports. Piper Sandler assumed coverage on Primoris Services in a research note on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price objective for the company. Jefferies Financial Group reiterated a “buy” rating and issued a $99.00 target price on shares of Primoris Services in a research note on Thursday, October 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Primoris Services in a report on Tuesday, November 3rd. Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Finally, Roth Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Primoris Services in a report on Monday, July 20th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $115.53.

Primoris Services Stock Up 8.6%

PRIM stock opened at $71.01 on Friday. The company has a fifty day moving average price of $74.51 and a 200 day moving average price of $110.95. Primoris Services has a 12 month low of $57.72 and a 12 month high of $205.50. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 29.50 and a beta of 1.44. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.14 and a quick ratio of 1.18.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.39. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $2 billion. Primoris Services had a net margin of 1.36% and a return on equity of 7.72%. Primoris Services’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.88 EPS. Sell-side analysts expect that Primoris Services will post 1.77 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, December 31st. Primoris Services’s dividend payout ratio is currently 18.08%.

Institutional Investors Weigh In On Primoris Services

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Primoris Services during the 2nd quarter worth approximately $677,685,000. Wellington Management Group LLP raised its stake in shares of Primoris Services by 148.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock worth $463,434,000 after buying an additional 2,795,887 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after buying an additional 928,155 shares during the period. Grandeur Peak Global Advisors LLC acquired a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $3,482,000. Finally, William Blair Investment Management LLC acquired a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $39,645,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors.

The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance.

Primoris serves customers primarily in the United States and Canada.