Wells Fargo & Company Has Lowered Expectations for Primoris Services (NYSE:PRIM) Stock Price

Key Points

• Wells Fargo cut its Primoris Services price target from $85 to $64 and maintained an “equal weight” rating; the new target implies about 0.15% downside from the stock’s cited $64.10 price.
• Analyst views remain mixed but lean positive: 10 analysts rate the stock Buy and seven Hold, with a consensus “Moderate Buy” rating and average target of $116.20.
• Primoris reported quarterly EPS of $1.20, beating the $0.81 consensus, while revenue of $1.95 billion missed estimates and fell 10.4% year over year.

Primoris Services (NYSE:PRIM - Get Free Report) had its target price cut by Wells Fargo & Company from $85.00 to $64.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would indicate a potential downside of 0.15% from the company's current price.

Other analysts also recently issued research reports about the stock. Roth Capital reissued a "buy" rating and set a $100.00 price target on shares of Primoris Services in a research report on Monday, July 20th. Oppenheimer cut their price target on shares of Primoris Services from $135.00 to $115.00 and set an "outperform" rating on the stock in a report on Thursday. Piper Sandler initiated coverage on shares of Primoris Services in a research note on Wednesday, September 9th. They set a "neutral" rating and a $90.00 price objective on the stock. Guggenheim decreased their price objective on shares of Primoris Services from $162.00 to $127.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Finally, Needham & Company LLC dropped their target price on shares of Primoris Services from $172.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday. 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.com, Primoris Services has an average rating of "Moderate Buy" and an average target price of $116.20.

Primoris Services Stock Up 7.6%

PRIM traded up $4.54 on Friday, reaching $64.10. The company's stock had a trading volume of 239,469 shares, compared to its average volume of 1,422,502. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 36.32 and a beta of 1.44. Primoris Services has a 1 year low of $57.72 and a 1 year high of $205.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.14 and a quick ratio of 1.18. The business's 50 day moving average is $74.78 and its 200 day moving average is $111.75.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter last year, the firm earned $1.88 EPS. Primoris Services's quarterly revenue was down 10.4% on a year-over-year basis. As a group, research analysts forecast that Primoris Services will post 1.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in shares of Primoris Services in the 2nd quarter valued at about $26,000. Persistent Asset Partners Ltd acquired a new stake in Primoris Services during the second quarter worth about $36,000. Salomon & Ludwin LLC lifted its holdings in Primoris Services by 107.1% in the third quarter. Salomon & Ludwin LLC now owns 377 shares of the company's stock worth $28,000 after acquiring an additional 195 shares during the last quarter. Osterweis Capital Management Inc. bought a new position in Primoris Services in the second quarter worth about $43,000. Finally, Signaturefd LLC boosted its stake in Primoris Services by 225.4% in the third quarter. Signaturefd LLC now owns 576 shares of the company's stock valued at $43,000 after acquiring an additional 399 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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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