Primoris Services (NYSE:PRIM) Hits New 12-Month Low After Analyst Downgrade

Key Points

• Primoris shares fell to a new 52-week low, trading near $60 after Oppenheimer cut its price target from $135 to $115, while maintaining an outperform rating.
• Third-quarter results were mixed: EPS of $1.20 beat estimates, but revenue of $1.95 billion missed expectations and declined 10.4% year over year. The company also set 2026 EPS guidance at $1.20–$1.35.
• Despite recent target cuts—including Needham’s reduction to $110—analysts’ average rating remains Moderate Buy, with an average price target of $118.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) shares hit a new 52-week low during trading on Thursday after Oppenheimer lowered their price target on the stock from $135.00 to $115.00. Oppenheimer currently has an outperform rating on the stock. Primoris Services traded as low as $60.40 and last traded at $60.0740, with a volume of 251,088 shares traded. The stock had previously closed at $68.45.

A number of other analysts also recently issued reports on PRIM. Jefferies Financial Group restated a "buy" rating and set a $99.00 price target on shares of Primoris Services in a report on Thursday, October 8th. UBS Group reaffirmed a "neutral" rating on shares of Primoris Services in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Primoris Services in a research note on Tuesday. Piper Sandler initiated coverage on shares of Primoris Services in a research report on Wednesday, September 9th. They set a "neutral" rating and a $90.00 price objective for the company. Finally, Needham & Company LLC cut their price target on shares of Primoris Services from $172.00 to $110.00 and set a "buy" rating on the stock in a research note on Thursday. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $118.00.

Key Headlines Impacting Primoris Services

Here are the key news stories impacting Primoris Services this week:

• Positive Sentiment: Primoris reported Q3 EPS of $1.20, above the consensus estimate. Management also expects Energy segment margins to recover to 10%–12% in 2027, which could support a later improvement in profitability. Q3 earnings beat Energy margins and 2027 outlook
• Neutral Sentiment: The company announced a quarterly dividend of $0.08 per share, or $0.32 annualized. The modest payout offers some income but is unlikely to offset concerns about the outlook.
• Negative Sentiment: Q3 revenue of $1.95 billion missed estimates of $2 billion and fell 10.4% year over year; EPS also declined from $1.88 a year ago. Primoris reset its 2026 EPS guidance to $1.20–$1.35, a key concern for investors weighing the earnings beat. Q3 sales and earnings report 2026 guidance reset
• Negative Sentiment: Analysts lowered price targets: Oppenheimer cut its target to $115 while retaining an outperform rating, and Needham reduced its target to $110. Cantor Fitzgerald maintained a hold rating. Target cuts can reinforce concerns about near-term earnings prospects even where ratings remain supportive. Oppenheimer target update Needham target update Cantor Fitzgerald rating

Institutional Investors Weigh In On Primoris Services

Several large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Primoris Services in the 2nd quarter valued at about $677,685,000. Wellington Management Group LLP increased its position in Primoris Services by 148.7% during the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company's stock worth $463,434,000 after buying an additional 2,795,887 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Primoris Services by 47.4% in the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock worth $412,837,000 after acquiring an additional 928,155 shares during the last quarter. Van Berkom & Associates Inc. raised its holdings in shares of Primoris Services by 66.0% in the third quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company's stock worth $62,985,000 after acquiring an additional 336,058 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Primoris Services by 2.0% in the first quarter. Principal Financial Group Inc. now owns 343,443 shares of the company's stock valued at $49,126,000 after acquiring an additional 6,730 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The company has a 50-day moving average price of $75.15 and a 200-day moving average price of $112.20. The firm has a market capitalization of $3.14 billion, a PE ratio of 32.92 and a beta of 1.44.

Primoris Services (NYSE:PRIM - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.20 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.39. The firm had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $2 billion. Primoris Services had a return on equity of 7.60% and a net margin of 1.36%. The firm's quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.88 EPS. Sell-side analysts forecast that Primoris Services Corporation will post 1.77 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Primoris Services's payout ratio is currently 12.55%.

About Primoris Services

Primoris Services Corporation NYSE: PRIM is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.

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