Wells Fargo & Company Issues Pessimistic Forecast for Primoris Services (NYSE:PRIM) Stock Price

Key Points

• Wells Fargo cut its price target on Primoris Services to $85 from $118 and kept an equal weight rating, implying only modest upside from the current share price.
• The stock has been under heavy pressure, falling 26.6% to $79.57, after Primoris reported weaker-than-expected quarterly results and lowered its outlook.
• Primoris sharply reduced its 2026 guidance because of additional renewables cost overruns and project delays, with EPS guidance now at $2.05-$2.60 versus the prior $4.80-$5.00 range.

Primoris Services (NYSE:PRIM - Get Free Report) had its target price dropped by equities researchers at Wells Fargo & Company from $118.00 to $85.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 6.83% from the stock's current price.

PRIM has been the topic of several other reports. Zacks Research lowered shares of Primoris Services from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Wolfe Research reiterated an "outperform" rating and set a $149.00 price target on shares of Primoris Services in a report on Monday, June 15th. DA Davidson set a $180.00 price objective on Primoris Services in a research note on Wednesday, February 25th. Cantor Fitzgerald restated a "neutral" rating on shares of Primoris Services in a research note on Tuesday, June 9th. Finally, 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 research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $149.53.

Primoris Services Stock Down 26.6%

Shares of NYSE:PRIM traded down $28.77 during trading on Tuesday, hitting $79.57. 2,781,927 shares of the company's stock traded hands, compared to its average volume of 1,297,261. Primoris Services has a 52 week low of $65.00 and a 52 week high of $205.50. 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 has a market cap of $4.32 billion, a price-to-earnings ratio of 17.39 and a beta of 1.37. The company has a 50-day moving average price of $130.63 and a 200-day moving average price of $138.43.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.Primoris Services's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, research analysts forecast that Primoris Services will post 4.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Lee King sold 20,000 shares of the business's stock in a transaction on 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 sale, the director owned 14,941 shares in the company, valued at $1,779,323.69. The trade was a 57.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 owned 27,574 shares in the company, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the company's stock worth $43,000 after acquiring an additional 194 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Primoris Services by 7.4% during the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company's stock valued at $28,337,000 after purchasing an additional 33,934 shares during the period. Caxton Associates LLP bought a new position in shares of Primoris Services during the 1st quarter worth about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Primoris Services by 25.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company's stock worth $9,650,000 after purchasing an additional 33,818 shares in the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of Primoris Services in the 2nd quarter valued at about $274,000. 91.82% of the stock is currently owned by institutional investors.

Key Headlines Impacting Primoris Services

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

• Positive Sentiment: KeyCorp reaffirmed its “sector weight” rating on Primoris Services, signaling the stock still has some analyst support despite the recent setback. Benzinga / Tickerreport.com coverage
• Neutral Sentiment: Broader market weakness and lower U.S. stock futures may also be adding pressure to PRIM along with other stocks in Tuesday’s pre-market trading. Benzinga article
• Negative Sentiment: Primoris slashed 2026 guidance after identifying additional renewables cost overruns and delays, including a reduced EPS outlook of $2.05-$2.60 from $4.80-$5.00 and lower EBITDA expectations, which is the main reason the stock has been falling. Business Wire business update
• Negative Sentiment: Law firms and investors are now highlighting potential securities-related investigations tied to the company’s disclosures, which can further weigh on sentiment. GlobeNewswire investigation

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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