Primoris Services (NYSE:PRIM) Price Target Lowered to $118.00 at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on Primoris from $168 to $118 and kept an "equal weight" rating; analysts remain mixed overall with an average target of $160.87 and a consensus "Moderate Buy."
• Q1 miss: Primoris reported EPS of $0.59 versus $0.87 expected and revenue of $1.56B versus $1.73B, triggering a roughly 3.3% share drop and prompting FY2026 guidance of $4.80–5.00 EPS below some analyst forecasts (~5.73).
• Legal and sentiment risks: Multiple shareholder lawsuits/investigations were announced after the results, increasing uncertainty for investors despite high institutional ownership (~91.8%).

Primoris Services (NYSE:PRIM - Get Free Report) had its price objective lowered by equities researchers at Wells Fargo & Company from $168.00 to $118.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 13.06% from the stock's previous close.

Several other brokerages have also commented on PRIM. Needham & Company LLC cut their price objective on Primoris Services from $205.00 to $188.00 and set a "buy" rating for the company in a report on Friday. Weiss Ratings lowered Primoris Services from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday. Mizuho lifted their price objective on Primoris Services from $128.00 to $143.00 and gave the stock a "neutral" rating in a report on Wednesday, February 25th. The Goldman Sachs Group lifted their price objective on Primoris Services from $117.00 to $133.00 and gave the stock a "sell" rating in a report on Wednesday, January 28th. Finally, Guggenheim lifted their price objective on Primoris Services from $184.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $160.87.

Primoris Services Stock Down 3.3%

Shares of Primoris Services stock traded down $3.61 on Friday, reaching $104.37. The company's stock had a trading volume of 463,415 shares, compared to its average volume of 990,486. The company has a market cap of $5.66 billion, a P/E ratio of 22.96 and a beta of 1.50. The company's fifty day moving average price is $150.65. Primoris Services has a 52 week low of $67.15 and a 52 week high of $205.50. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, research analysts predict that Primoris Services will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. lifted its position in shares of Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the company's stock valued at $29,000 after acquiring an additional 148 shares in the last quarter. Harbour Investments Inc. purchased a new position in shares of Primoris Services in the fourth quarter valued at about $33,000. Root Financial Partners LLC lifted its position in shares of Primoris Services by 43.1% in the first quarter. Root Financial Partners LLC now owns 229 shares of the company's stock valued at $33,000 after acquiring an additional 69 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services in the second quarter valued at about $34,000. Finally, Cullen Frost Bankers Inc. purchased a new position in shares of Primoris Services in the third quarter valued at about $37,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Primoris Services

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

• Positive Sentiment: Some sell‑side analysts remain constructive despite cuts to targets — Needham lowered its price target to $188 but kept a "buy" rating, and KeyCorp moved its target to $137 while keeping an "overweight" view. Read More.
• Positive Sentiment: Operational bright spot: Primoris reported $1.6B in Q1 revenue with growth in its Utilities segment helping to offset Energy weakness, which could support stability in core contract pipelines. Read More.
• Neutral Sentiment: Analysts and commentary are re‑rating and re‑valuing PRIM after the quarter — several valuation pieces and earnings‑call summaries are assessing how the miss changes multi‑year assumptions. Read More.
• Neutral Sentiment: Earnings call materials and summaries are available for detail on segment trends and management commentary that investors will parse for backlog and margin outlook. Read More.
• Negative Sentiment: Clear near‑term downside from the Q1 miss: Primoris reported EPS of $0.59 vs. consensus ~$0.87 and revenue below estimates, and management cut near‑term profit expectations — the shortfall drove a sharp share reaction. Read More.
• Negative Sentiment: Multiple shareholder litigation/investigations announced (Pomerantz, Block & Leviton, Ademi, Johnson Fistel and others) alleging potential disclosure issues — legal risk increases potential costs, distraction and uncertainty for investors. Read More. Read More. Read More.
• Negative Sentiment: Market reaction: coverage notes and headlines report a steep share drop following the results and outlook cut — momentum and sentiment have turned negative near term. Read More.

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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