CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $5.38 Million Stake in Primoris Services Co. $PRIM

Key Points

• CUSHING ASSET MANAGEMENT LP increased its stake in Primoris Services by 40.8%, acquiring an additional 20,000 shares, bringing its total ownership to 69,000 shares valued at approximately $5.37 million.
• Multiple large institutional investors, including Versant Capital Management Inc and Brooklyn Investment Group, have dramatically increased their stakes in Primoris Services in recent months.
• Primoris Services announced a quarterly dividend of $0.08 per share, payable on October 15th, with a dividend yield of 0.2% and a payout ratio of 7.26%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 40.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,000 shares of the construction company's stock after purchasing an additional 20,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.13% of Primoris Services worth $5,378,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Versant Capital Management Inc grew its stake in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares during the period. Brooklyn Investment Group boosted its holdings in Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after purchasing an additional 544 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after acquiring an additional 535 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after acquiring an additional 194 shares during the last quarter. Finally, Sound Income Strategies LLC bought a new stake in shares of Primoris Services in the 1st quarter worth about $45,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 3.4%

Shares of PRIM stock traded up $4.40 during trading on Monday, reaching $133.22. The company's stock had a trading volume of 864,805 shares, compared to its average volume of 923,235. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $133.36. The stock's 50-day moving average price is $108.71 and its 200 day moving average price is $82.54. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 44.11 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is presently 7.26%.

Analysts Set New Price Targets

Several research firms have issued reports on PRIM. Glj Research began coverage on shares of Primoris Services in a research report on Monday. They issued a "buy" rating and a $160.00 price objective for the company. DA Davidson boosted their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. UBS Group boosted their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. KeyCorp boosted their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Finally, Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $108.82.

Insider Activity at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of Primoris Services stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,941 shares of company stock worth $4,165,371 in the last quarter. 1.40% of the stock is owned by company insiders.

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.