Encompass Capital Advisors LLC Has $36.16 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Encompass Capital Advisors LLC lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 110.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 473,288 shares of the construction company's stock after buying an additional 248,559 shares during the period. Encompass Capital Advisors LLC owned about 0.88% of Primoris Services worth $36,159,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PRIM. Barclays PLC boosted its stake in shares of Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after buying an additional 81,111 shares during the last quarter. Fulton Bank N.A. raised its holdings in shares of Primoris Services by 3.5% in the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company's stock valued at $918,000 after purchasing an additional 406 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares during the period. PFW Advisors LLC bought a new stake in shares of Primoris Services in the 4th quarter valued at about $245,000. Finally, Redhawk Wealth Advisors Inc. raised its holdings in shares of Primoris Services by 6.0% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 36,294 shares of the construction company's stock valued at $2,773,000 after purchasing an additional 2,045 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Piper Sandler upped their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Performance

Primoris Services stock traded down $0.11 during trading hours on Friday, hitting $68.37. The company had a trading volume of 700,507 shares, compared to its average volume of 741,529. The firm has a market cap of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. 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 Co. has a one year low of $45.92 and a one year high of $90.86. The firm has a 50-day moving average of $60.82 and a 200 day moving average of $71.57.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the firm earned $0.47 EPS. The business's revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.47%. Primoris Services's dividend payout ratio is presently 8.47%.

Insider Transactions at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is currently owned by company insiders.

Primoris Services Profile

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.