Primoris Services Co. $PRIM Shares Purchased by Viking Fund Management LLC

Key Points

• Viking Fund Management LLC has increased its stake in Primoris Services Co. by 100%, owning 24,000 shares valued at $1.87 million following a purchase of 12,000 additional shares.
• Primoris Services reported earnings per share of $1.68, exceeding analysts' estimates of $1.10, with quarterly revenue of $1.89 billion.
• The company declared a quarterly dividend of $0.08 per share, reflecting an annualized payment of $0.32 and a dividend yield of 0.2%.

Viking Fund Management LLC lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 100.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,000 shares of the construction company's stock after purchasing an additional 12,000 shares during the period. Viking Fund Management LLC's holdings in Primoris Services were worth $1,871,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in PRIM. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% during the first 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 in the last quarter. Parallel Advisors LLC increased its holdings in shares of Primoris Services by 6,687.5% in 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 period. Brooklyn Investment Group increased its stake in shares of Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after purchasing an additional 544 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after purchasing an additional 194 shares during the period. Finally, Sound Income Strategies LLC acquired a new position in shares of Primoris Services during the first quarter valued at $45,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer owned 9,580 shares of the company's stock, valued at $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,941 shares of company stock worth $3,004,821 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Price Performance

Shares of PRIM traded down $0.23 during trading hours on Tuesday, reaching $132.82. The stock had a trading volume of 279,607 shares, compared to its average volume of 919,524. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $135.73. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $7.17 billion, a PE ratio of 43.83 and a beta of 1.42. The company's 50-day moving average is $108.71 and its two-hundred day moving average is $82.54.

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

Primoris Services Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on PRIM shares. Guggenheim lifted their target price on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. UBS Group increased their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. JPMorgan Chase & Co. lifted 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. Glj Research assumed coverage on Primoris Services in a research report on Monday. They set a "buy" rating and a $160.00 target price for the company. Finally, Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $108.82.

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.