Primoris Services (NYSE:PRIM) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Primoris Services from “sell” to “hold.” Overall, analysts have a “Moderate Buy” consensus and an average price target of $116.20, though several recently lowered their targets.
• Primoris reported quarterly EPS of $1.20, beating the $0.81 consensus, but revenue of $1.95 billion missed estimates and fell 10.4% year over year.
• The stock opened at $65.46, well below its 50-day average of $74.55 and 52-week high of $205.50.

Primoris Services (NYSE:PRIM - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts have also commented on the company. Roth Capital reissued a "buy" rating and issued a $100.00 price objective on shares of Primoris Services in a report on Monday, July 20th. Needham & Company LLC reduced their price objective on Primoris Services from $172.00 to $110.00 and set a "buy" rating for the company in a research note on Thursday. Guggenheim decreased their price target on Primoris Services from $162.00 to $127.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Mizuho set a $111.00 target price on shares of Primoris Services in a research report on Friday. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $105.00 price objective on shares of Primoris Services in a research report on Tuesday, September 29th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $116.20.

Primoris Services Price Performance

PRIM opened at $65.46 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The company has a market cap of $3.52 billion, a P/E ratio of 24.51 and a beta of 1.44. Primoris Services has a 52-week low of $57.72 and a 52-week high of $205.50. The company has a 50 day moving average of $74.55 and a two-hundred day moving average of $111.35.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.39. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2 billion. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Primoris Services's revenue was down 10.4% compared to the same quarter last year. On average, analysts expect that Primoris Services will post 1.77 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRIM. Bank of America Corp DE bought a new position in shares of Primoris Services during the 2nd quarter worth approximately $17,268,000. Royal Bank of Canada lifted its position in Primoris Services by 79.7% during the 1st quarter. Royal Bank of Canada now owns 55,614 shares of the company's stock valued at $7,955,000 after acquiring an additional 24,672 shares during the period. Kayne Anderson Capital Advisors LP purchased a new stake in Primoris Services during the second quarter valued at approximately $2,514,000. Raiffeisen Bank International AG increased its holdings in shares of Primoris Services by 904.8% in the 2nd quarter. Raiffeisen Bank International AG now owns 198,000 shares of the company's stock worth $19,254,000 after buying an additional 178,294 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its stake in shares of Primoris Services by 34.0% during the third quarter. Vontobel Holding Ltd. now owns 452,306 shares of the company's stock valued at $33,706,000 after purchasing an additional 114,640 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Company Profile

Primoris Services Corporation NYSE: PRIM is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.

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