Primoris Services (NYSE:PRIM) Now Covered by Piper Sandler

Key Points

• Piper Sandler initiated coverage of Primoris Services with a “neutral” rating and a $90 price target, implying about 20% upside from the previous close.
• Analyst sentiment remains moderately positive overall, with 11 Buy ratings and seven Holds; the consensus price target is $129.62. However, the stock recently traded at $74.87, well below its 52-week high of $205.50.
• Primoris beat quarterly loss estimates but reported a 10.7% year-over-year revenue decline. Investor sentiment is also facing pressure from litigation allegations concerning cost forecasting and profitability disclosures tied to renewable-energy projects.

Stock analysts at Piper Sandler assumed coverage on shares of Primoris Services (NYSE:PRIM - Get Free Report) in a report released on Wednesday, Briefing.com reports. The brokerage set a "neutral" rating and a $90.00 price target on the stock. Piper Sandler's target price points to a potential upside of 20.21% from the company's previous close.

PRIM has been the subject of several other reports. Cantor Fitzgerald increased their price objective on Primoris Services from $100.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Guggenheim dropped their target price on Primoris Services from $162.00 to $127.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Weiss Ratings lowered shares of Primoris Services from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. KeyCorp restated a "sector weight" rating on shares of Primoris Services in a report on Tuesday, June 23rd. Finally, UBS Group reaffirmed a "neutral" rating on shares of Primoris Services in a research report on Monday, August 10th. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $129.62.

Primoris Services Price Performance

PRIM stock traded down $0.58 during trading on Wednesday, hitting $74.87. The company had a trading volume of 20,194 shares, compared to its average volume of 1,401,813. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of 29.47 and a beta of 1.43. Primoris Services has a fifty-two week low of $65.00 and a fifty-two week high of $205.50. 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 business has a 50 day moving average of $82.58 and a 200 day moving average of $116.07.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $1.68 EPS. The firm's quarterly revenue was down 10.7% on a year-over-year basis. As a group, research analysts predict that Primoris Services will post 1.76 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRIM. BlackRock Inc. acquired a new stake in Primoris Services in the 2nd quarter worth approximately $677,685,000. California State Teachers Retirement System raised its holdings in Primoris Services by 9,830.3% in the 2nd quarter. California State Teachers Retirement System now owns 6,234,252 shares of the company's stock worth $617,939,000 after acquiring an additional 6,171,472 shares during the period. Wellington Management Group LLP lifted its position in 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 acquiring an additional 2,795,887 shares during the last quarter. First Trust Advisors LP boosted its holdings 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 valued at $412,837,000 after acquiring an additional 928,155 shares during the period. Finally, Norges Bank acquired a new stake in shares of Primoris Services in the fourth quarter valued at about $103,368,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Key Stories Impacting Primoris Services

Here are the key news stories impacting Primoris Services this week:

• Neutral Sentiment: Several law firms, including Robbins Geller, Kaplan Fox, and Rosen, are soliciting investors who purchased Primoris shares between August 5, 2025, and June 22, 2026, to participate in the pending litigation or seek appointment as lead plaintiff by September 21. The deadline is procedural and does not establish that Primoris violated securities laws. Robbins Geller investor deadline announcement
• Negative Sentiment: The lawsuit alleges that Primoris made materially false or misleading statements about cost forecasting, project oversight, and expected profitability in certain renewable-energy construction projects. The allegations focus on problems that reportedly culminated in a June 2026 guidance reset involving six renewable projects. Robbins LLP class-action announcement
• Negative Sentiment: The repeated litigation alerts are likely weighing on sentiment because they highlight a prior 21.6% share-price drop and raise the possibility of additional legal costs, financial claims, and reputational damage. The concerns are particularly significant given Primoris’s recent weak results: quarterly revenue fell 10.7% year over year, although the company narrowly exceeded analysts’ loss-per-share estimate.

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.

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