Primoris Services (NYSE:PRIM) Raised to "Overweight" at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. upgraded Primoris Services from “neutral” to “overweight” and assigned a $116 price target, implying about 24.6% upside from the stock’s current level.
• Analyst sentiment remains generally positive overall, with MarketBeat showing a Moderate Buy consensus and a $141 average price target, even though some firms recently cut targets or downgraded the stock.
• Primoris Services reported Q1 earnings and revenue below estimates, with EPS of $0.59 versus $0.87 expected and revenue of $1.56 billion versus $1.73 billion expected; insiders also recently sold shares in separate transactions.

Primoris Services (NYSE:PRIM - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Monday. The firm currently has a $116.00 price objective on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 24.56% from the company's current price.

PRIM has been the topic of a number of other research reports. Needham & Company LLC lowered their price objective on Primoris Services from $205.00 to $188.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Wall Street Zen lowered Primoris Services from a "hold" rating to a "sell" rating in a report on Saturday. UBS Group lowered their price target on shares of Primoris Services from $212.00 to $186.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Weiss Ratings lowered shares of Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 28th. Finally, KeyCorp restated a "sector weight" rating on shares of Primoris Services in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $141.00.

Primoris Services Stock Performance

NYSE:PRIM opened at $93.13 on Monday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. The company's 50-day moving average price is $124.85 and its 200-day moving average price is $137.40. Primoris Services has a twelve month low of $65.00 and a twelve month high of $205.50. The company has a market cap of $5.05 billion, a P/E ratio of 20.51 and a beta of 1.37.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The company'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. On average, sell-side analysts forecast that Primoris Services will post 1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently modified their holdings of the company. Root Financial Partners LLC lifted its stake in Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company's stock worth $33,000 after acquiring an additional 69 shares in the last quarter. Harbour Investments Inc. purchased a new stake in Primoris Services during the fourth quarter worth about $33,000. Salomon & Ludwin LLC acquired a new stake in shares of Primoris Services during the fourth quarter worth about $44,000. Cullen Frost Bankers Inc. lifted its position in shares of Primoris Services by 30.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company's stock worth $43,000 after purchasing an additional 81 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Primoris Services by 120.4% in the fourth quarter. GAMMA Investing LLC now owns 357 shares of the company's stock valued at $44,000 after purchasing an additional 195 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

About Primoris Services

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.