Primoris Services Corporation (NYSE:PRIM) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Primoris Services, with 10 buy ratings and seven holds among 17 firms. The average 12-month price target is $127.60.
• Primoris reported a quarterly loss of $0.27 per share, beating the consensus estimate of a $0.35 loss, while revenue declined 10.7% year over year to $1.69 billion.
• The stock opened at $77.00, well below its 52-week high of $205.50. The company declared a quarterly dividend of $0.08 per share, equivalent to a 0.4% annual yield.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the seventeen research firms that are covering the firm, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $127.60.

A number of research analysts recently commented on the stock. Mizuho dropped their target price on shares of Primoris Services from $135.00 to $117.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 23rd. Roth Capital reissued a "buy" rating and issued a $100.00 price target on shares of Primoris Services in a research report on Monday, July 20th. Oppenheimer started coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $135.00 price objective for the company. UBS Group reiterated a "neutral" rating on shares of Primoris Services in a research report on Monday, August 10th. Finally, KeyCorp reissued a "sector weight" rating on shares of Primoris Services in a report on Tuesday, June 23rd.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently modified their holdings of the business. Root Financial Partners LLC boosted its stake in Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company's stock worth $33,000 after purchasing an additional 69 shares during the period. Global Retirement Partners LLC acquired a new position in Primoris Services in the second quarter valued at $26,000. Harbour Investments Inc. acquired a new position in Primoris Services in the fourth quarter valued at $33,000. Cullen Frost Bankers Inc. raised its holdings in shares of Primoris Services by 30.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company's stock valued at $43,000 after buying an additional 81 shares during the last quarter. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Primoris Services in the second quarter valued at about $36,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NYSE PRIM opened at $77.00 on Tuesday. The stock's 50-day simple moving average is $80.25 and its 200-day simple moving average is $110.97. The firm has a market capitalization of $4.14 billion, a PE ratio of 30.20 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 debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18.

Primoris Services (NYSE:PRIM - Get Free Report) last announced 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 company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm posted $1.68 earnings per share. The firm's revenue was down 10.7% on a year-over-year basis. As a group, equities research analysts forecast that Primoris Services will post 1.78 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

About Primoris Services

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.

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