DA Davidson Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

Key Points

• DA Davidson has increased its target price for Primoris Services (NASDAQ:PRIM) from $85 to $125, indicating a potential upside of 12.06% from the current price.
• The company reported $1.68 earnings per share for the last quarter, surpassing analyst expectations by $0.58, with a revenue of $1.89 billion.
• Analysts generally hold a positive outlook on the stock, with an average rating of "Moderate Buy" and a consensus price target of $99.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its target price increased by analysts at DA Davidson from $85.00 to $125.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the construction company's stock. DA Davidson's target price indicates a potential upside of 12.06% from the stock's current price.

PRIM has been the subject of a number of other research reports. Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. UBS Group boosted their target price on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday. Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. JPMorgan Chase & Co. upped their price objective on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Finally, KeyCorp upped their price objective on Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and a consensus price target of $99.44.

Primoris Services Stock Performance

Shares of Primoris Services stock traded up $2.96 during trading on Wednesday, hitting $111.55. 1,017,764 shares of the company's stock traded hands, compared to its average volume of 932,040. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a 1 year low of $48.33 and a 1 year high of $112.98. The stock has a market capitalization of $6.02 billion, a P/E ratio of 36.83 and a beta of 1.44. The business has a 50-day simple moving average of $81.98 and a 200-day simple moving average of $72.45.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.04 earnings per share. As a group, analysts forecast that Primoris Services will post 3.26 EPS for the current year.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the completion of the sale, the director directly owned 102,281 shares in the company, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.40% of the company's stock.

Institutional Trading of Primoris Services

Large investors have recently added to or reduced their stakes in the business. Savant Capital LLC lifted its position in shares of Primoris Services by 134.2% in the 2nd quarter. Savant Capital LLC now owns 17,104 shares of the construction company's stock valued at $1,333,000 after acquiring an additional 9,802 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Primoris Services in the 2nd quarter worth $72,000. Bank of New York Mellon Corp lifted its holdings in shares of Primoris Services by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 263,128 shares of the construction company's stock worth $20,508,000 after acquiring an additional 6,684 shares during the period. Versor Investments LP lifted its holdings in Primoris Services by 30.7% during the 2nd quarter. Versor Investments LP now owns 24,168 shares of the construction company's stock valued at $1,884,000 after purchasing an additional 5,675 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in Primoris Services by 20.7% during the 2nd quarter. Jennison Associates LLC now owns 11,435 shares of the construction company's stock valued at $891,000 after purchasing an additional 1,959 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. 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.

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