Primoris Services Corporation (NYSE:PRIM) Stock Has Consensus Target Price of $115.53 According to Analysts

Key Points

• Analyst sentiment is moderately positive: Ten of 17 brokerages rate PRIM a buy and seven recommend holding, with a consensus 12-month price target of $115.53.
• Quarterly earnings beat expectations: Primoris reported $1.20 in EPS versus the $0.81 consensus, but revenue of $1.95 billion fell short of estimates and declined 10.4% year over year.
• Some analysts have cut their targets, including Piper Sandler ($80) and Wells Fargo ($64); shares opened at $69.85, within a 12-month range of $57.72 to $205.50.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the seventeen brokerages that are currently covering the stock, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $115.53.

A number of equities research analysts have weighed in on PRIM shares. Piper Sandler lowered their target price on Primoris Services from $90.00 to $80.00 and set a "neutral" rating for the company in a report on Monday. Wall Street Zen upgraded Primoris Services from a "sell" rating to a "hold" rating in a report on Saturday. Roth Capital reaffirmed a "buy" rating and set a $100.00 price objective on shares of Primoris Services in a research report on Monday, July 20th. Wells Fargo & Company reduced their price objective on shares of Primoris Services from $85.00 to $64.00 and set an "equal weight" rating for the company in a research report on Friday, November 6th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Primoris Services in a research note on Tuesday, November 3rd.

Primoris Services Stock Performance

Shares of PRIM opened at $69.85 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.48. The firm's fifty day simple moving average is $74.46 and its two-hundred day simple moving average is $110.54. Primoris Services has a 12 month low of $57.72 and a 12 month high of $205.50. The stock has a market capitalization of $3.67 billion, a P/E ratio of 39.47 and a beta of 1.44.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) 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 company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $2 billion. During the same period in the previous year, the business earned $1.88 EPS. The firm's revenue was down 10.4% compared to the same quarter last year. As a group, analysts predict that Primoris Services will post 1.76 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.5%. Primoris Services's dividend payout ratio is currently 18.08%.

Institutional Investors Weigh In On Primoris Services

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Primoris Services during the second quarter valued at about $677,685,000. Wellington Management Group LLP boosted its position in shares of 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 purchasing an additional 2,795,887 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock worth $412,837,000 after purchasing an additional 928,155 shares in the last quarter. Van Berkom & Associates Inc. boosted its position in shares of Primoris Services by 66.0% during the 3rd quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company's stock worth $62,985,000 after purchasing an additional 336,058 shares in the last quarter. Finally, Grandeur Peak Global Advisors LLC bought a new position in shares of Primoris Services during the 2nd quarter worth about $3,482,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors. The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance. Primoris serves customers primarily in the United States and Canada.

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