Primoris Services (NYSE:PRIM) Shares Climb 7.2% – Time to Buy?

Shares of Primoris Services Corporation (NYSE:PRIM) traded up 7.2% during mid-day trading on Tuesday. The stock traded as high as $77.94 and last traded at $76.2360. Approximately 117,147 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,394,496 shares. The stock had previously closed at $71.12.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wolfe Research reaffirmed an “outperform” rating and set a $149.00 target price on shares of Primoris Services in a report on Monday, June 15th. UBS Group reissued a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. JPMorgan Chase & Co. upgraded Primoris Services from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $105.00 to $116.00 in a research report on Monday, June 29th. Mizuho dropped their price objective on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Finally, Wall Street Zen lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $127.60.

Primoris Services Price Performance

The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of 29.22 and a beta of 1.43. The stock has a 50-day moving average price of $78.79 and a 200 day moving average price of $108.71.

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

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.08 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Primoris Services’s payout ratio is 12.55%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Primoris Services in the 2nd quarter valued at $677,685,000. Wellington Management Group LLP increased its holdings in Primoris Services by 148.7% in the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock worth $463,434,000 after acquiring an additional 2,795,887 shares in the last quarter. First Trust Advisors LP raised its position in Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after acquiring an additional 928,155 shares during the period. Geode Capital Management LLC raised its position in Primoris Services by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company’s stock worth $164,526,000 after acquiring an additional 42,052 shares during the period. Finally, Westfield Capital Management Co. LP lifted its holdings in Primoris Services by 0.5% during the fourth quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company’s stock valued at $118,206,000 after purchasing an additional 4,888 shares in the last quarter. Hedge funds and other 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.