Primoris Services (NYSE:PRIM) Trading Up 10.5% on Analyst Upgrade

Shares of Primoris Services Corporation (NYSE:PRIM) were up 10.5% during mid-day trading on Tuesday after UBS Group raised their price target on the stock from $176.00 to $212.00. UBS Group currently has a buy rating on the stock. Primoris Services traded as high as $205.34 and last traded at $205.0750. Approximately 1,027,307 shares were traded during mid-day trading, an increase of 31% from the average daily volume of 785,712 shares. The stock had previously closed at $185.55.

Several other equities research analysts have also recently weighed in on the company. Wolfe Research began coverage on Primoris Services in a research note on Thursday, April 9th. They set an “outperform” rating and a $183.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a research note on Wednesday, January 28th. Cantor Fitzgerald set a $160.00 price objective on Primoris Services and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $165.00 to $171.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 1st. Finally, Mizuho boosted their price objective on Primoris Services from $128.00 to $143.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. One 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 issued a Sell rating to the stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $159.25.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Primoris Services by 47.9% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,431 shares of the company’s stock valued at $348,000 after buying an additional 787 shares during the last quarter. Archer Investment Corp bought a new position in shares of Primoris Services during the first quarter valued at approximately $207,000. Principal Financial Group Inc. grew its stake in shares of Primoris Services by 2.0% during the first quarter. Principal Financial Group Inc. now owns 343,443 shares of the company’s stock valued at $49,126,000 after buying an additional 6,730 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Primoris Services by 91,981.3% in the first quarter. Fifth Third Bancorp now owns 29,466 shares of the company’s stock valued at $4,215,000 after purchasing an additional 29,434 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in Primoris Services in the first quarter worth approximately $202,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 10.2%

The stock has a market capitalization of $11.09 billion, a P/E ratio of 40.73 and a beta of 1.50. The stock has a 50 day moving average of $152.12. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.13. Primoris Services had a return on equity of 18.67% and a net margin of 3.63%.The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the prior year, the firm earned $1.13 earnings per share. Primoris Services’s revenue was up 6.7% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS. On average, research analysts predict that Primoris Services Corporation will post 5.73 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

Primoris Services Company Profile

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.