Yaupon Capital Management LP Has $21.89 Million Stake in Primoris Services Co. $PRIM

Key Points

• Yaupon Capital Management LP significantly increased its stake in Primoris Services Co. by 1,103.7% during Q1, owning 381,316 shares valued at approximately $21.9 million, making it the firm's 28th largest investment.
• Multiple large investors, including Allspring Global Investments and GAMMA Investing, have also boosted their stakes, indicating a growing interest in Primoris Services among institutional investors, who collectively own 91.82% of the company's stock.
• Primoris Services recently reported earnings of $1.68 per share for the quarter, surpassing analyst expectations, and announced a quarterly dividend of $0.08 per share, reinforcing its financial stability and commitment to returning value to shareholders.

Yaupon Capital Management LP increased its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1,103.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 381,316 shares of the construction company's stock after buying an additional 349,637 shares during the quarter. Primoris Services comprises about 1.1% of Yaupon Capital Management LP's investment portfolio, making the stock its 28th biggest position. Yaupon Capital Management LP owned 0.71% of Primoris Services worth $21,891,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PRIM. DAVENPORT & Co LLC increased its position in shares of Primoris Services by 1.4% during the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after acquiring an additional 175 shares during the last quarter. NewEdge Advisors LLC grew its stake in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares in the last quarter. Freedom Investment Management Inc. grew its stake in Primoris Services by 4.3% in the first quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock worth $289,000 after purchasing an additional 207 shares in the last quarter. Versant Capital Management Inc boosted its stake in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. Finally, Total Wealth Planning & Management Inc. boosted its stake in Primoris Services by 5.4% in the first quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock valued at $536,000 after acquiring an additional 475 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRIM. JPMorgan Chase & Co. lifted their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. KeyCorp lifted their price target on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Guggenheim lifted their price target on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. 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, August 5th. Finally, Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $103.70.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction on 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 completion of the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company's stock.

Primoris Services Trading Down 0.6%

NASDAQ PRIM traded down $0.76 on Friday, hitting $122.00. 646,205 shares of the stock were exchanged, compared to its average volume of 919,655. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $124.77. 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 $6.59 billion, a price-to-earnings ratio of 40.40 and a beta of 1.42. The company's 50-day moving average price is $103.86 and its two-hundred day moving average price is $80.02.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating 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 business had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the previous year, the company posted $1.04 EPS. Primoris Services's revenue 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 predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services's dividend payout ratio is currently 7.26%.

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.