Primoris Services (NYSE:PRIM) Trading 10.7% Higher - Still a Buy?

Key Points

• Primoris Services shares jumped 10.7% on Wednesday, trading as high as $96.11 after closing at $84.95 the prior day. Even with the move, volume was below average.
• The company reported about $2.0 billion in new second-quarter project awards in energy-related markets, which could help support future revenue growth.
• Investors were also hit by a sharp FY 2026 guidance cut to $2.05-$2.60 EPS from $4.80-$5.00 after more cost overruns and delays were found in six renewables projects, along with the departure of the COO.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) shares traded up 10.7% on Wednesday . The stock traded as high as $96.11 and last traded at $94.0770. Approximately 816,042 shares were traded during trading, a decline of 40% from the average session volume of 1,364,985 shares. The stock had previously closed at $84.95.

More Primoris Services News

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

• Positive Sentiment: Primoris said it has also won about $2.0 billion of new second-quarter project awards in energy markets, including natural gas generation, industrial work, and electric construction, which could support future revenue. Primoris Services Corporation Provides Business Update
• Neutral Sentiment: The company presented at the J.P. Morgan Natural Resources Conference, which was mainly a routine investor-relations event and did not appear to provide a major new catalyst. Primoris Services Corporation (PRIM) Presents at J.P. Morgan Natural Resources Conference 2026 Transcript
• Negative Sentiment: Primoris cut FY 2026 EPS guidance to $2.05-$2.60 from $4.80-$5.00 after uncovering additional cost overruns and delays in six renewables projects, signaling weaker profitability ahead. Primoris Services Corporation Provides Business Update
• Negative Sentiment: Management also said COO Jeremy Kinch is departing, adding to investor concern about operational execution at a time when the business is already under pressure. Primoris Services Corporation Provides Business Update
• Negative Sentiment: Multiple law firms launched securities-fraud investigations and shareholder alerts after the guidance cut, which can weigh on sentiment and raise litigation overhang. Primoris Services Corporation (PRIM) Shareholders Who Lost Money – Contact Law Offices of Howard G. Smith About Securities Fraud Investigation

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PRIM. DA Davidson set a $180.00 target price on shares of Primoris Services in a research note on Wednesday, February 25th. Weiss Ratings lowered shares of Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 28th. Cantor Fitzgerald restated a "neutral" rating on shares of Primoris Services in a report on Tuesday, June 9th. Wall Street Zen cut Primoris Services from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, JPMorgan Chase & Co. increased their target price on Primoris Services from $165.00 to $171.00 and gave the company a "neutral" rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and an average target price of $148.33.

Primoris Services Trading Up 10.0%

The business's 50 day moving average price is $129.09 and its 200-day moving average price is $138.14. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 20.56 and a beta of 1.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28.

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 net margin of 3.31% and a return on equity of 16.48%. The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm posted $0.98 earnings per share. Primoris Services's revenue 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, research analysts forecast that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.08 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services's payout ratio is 7.05%.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction 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 of the company's stock, valued at approximately $1,779,323.69. This trade represents a 57.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 27,574 shares of the company's stock, valued at $3,525,611.64. This represents a 51.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Nordea Investment Management AB bought a new position in shares of Primoris Services in the 4th quarter valued at $7,181,000. New York State Teachers Retirement System lifted its position in shares of Primoris Services by 327.8% during the 4th quarter. New York State Teachers Retirement System now owns 20,892 shares of the company's stock worth $2,594,000 after buying an additional 16,008 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Primoris Services by 509.6% during the 4th quarter. Principal Financial Group Inc. now owns 336,713 shares of the company's stock worth $41,800,000 after buying an additional 281,482 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Primoris Services by 2,338.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company's stock valued at $39,033,000 after buying an additional 301,532 shares in the last quarter. Finally, UBS Group AG boosted its stake in Primoris Services by 2.4% in the fourth quarter. UBS Group AG now owns 638,876 shares of the company's stock valued at $79,310,000 after buying an additional 15,112 shares in the last quarter. 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.

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