Primoris Services (NYSE:PRIM) Coverage Initiated at Oppenheimer

Key Points

• Oppenheimer initiated coverage on Primoris Services with an outperform rating and a $135 price target, implying about 55.6% upside from the stock’s current price.
• Analyst sentiment is still generally positive overall, with a Moderate Buy consensus and an average price target of $143.20, though some firms have recently cut targets or turned more cautious.
• Primoris Services reported mixed quarterly results, missing EPS and revenue estimates, while the stock fell to $86.77 and insiders also sold shares in recent transactions.

Research analysts at Oppenheimer initiated coverage on shares of Primoris Services (NYSE:PRIM - Get Free Report) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set an "outperform" rating and a $135.00 price target on the stock. Oppenheimer's target price indicates a potential upside of 55.59% from the company's current price.

PRIM has been the topic of several other reports. UBS Group dropped their price objective on Primoris Services from $212.00 to $186.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Mizuho decreased their target price on Primoris Services from $135.00 to $117.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 23rd. Wolfe Research reaffirmed an "outperform" rating and set a $149.00 price objective on shares of Primoris Services in a report on Monday, June 15th. Cantor Fitzgerald dropped their target price on shares of Primoris Services from $124.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, June 25th. Finally, Zacks Research downgraded Primoris Services from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $143.20.

Primoris Services Stock Performance

NYSE PRIM traded down $3.43 on Tuesday, reaching $86.77. 44,133 shares of the stock were exchanged, compared to its average volume of 1,455,049. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services has a one year low of $65.00 and a one year high of $205.50. The firm has a market capitalization of $4.71 billion, a PE ratio of 19.22 and a beta of 1.41. The company's 50-day simple moving average is $116.02 and its two-hundred day simple moving average is $135.78.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm had revenue of $1.56 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the company earned $0.98 earnings per share. The business's revenue for the quarter was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Analysts expect that Primoris Services will post 1.88 EPS for the current fiscal year.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total value of $2,381,800.00. Following the completion of the sale, the director directly owned 14,941 shares in the company, valued at $1,779,323.69. The trade was a 57.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the transaction, the insider owned 27,574 shares in the company, valued at approximately $3,525,611.64. This represents a 51.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Primoris Services by 4.4% during the first quarter. Bank of America Corp DE now owns 324,887 shares of the company's stock worth $46,472,000 after purchasing an additional 13,617 shares during the period. South Dakota Investment Council purchased a new stake in shares of Primoris Services in the 1st quarter valued at approximately $1,116,000. Altshuler Shaham Ltd acquired a new stake in shares of Primoris Services in the 1st quarter valued at $118,000. Smith Group Asset Management LLC grew its stake in shares of Primoris Services by 4.6% during the first quarter. Smith Group Asset Management LLC now owns 9,428 shares of the company's stock worth $1,349,000 after purchasing an additional 413 shares in the last quarter. Finally, Amundi grew its stake in shares of Primoris Services by 183.1% during the first quarter. Amundi now owns 7,662 shares of the company's stock worth $1,096,000 after purchasing an additional 4,956 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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