CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 17,000 Shares of Primoris Services Co. $PRIM

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 24.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,000 shares of the construction company’s stock after purchasing an additional 17,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.16% of Primoris Services worth $11,810,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRIM. Ethic Inc. raised its holdings in shares of Primoris Services by 4.3% during the 3rd quarter. Ethic Inc. now owns 3,163 shares of the construction company’s stock valued at $434,000 after buying an additional 131 shares in the last quarter. Sowell Financial Services LLC bought a new position in Primoris Services during the third quarter valued at approximately $322,000. Apollon Wealth Management LLC raised its stake in shares of Primoris Services by 194.3% during the third quarter. Apollon Wealth Management LLC now owns 10,002 shares of the construction company’s stock worth $1,374,000 after acquiring an additional 6,603 shares in the last quarter. West Tower Group LLC raised its stake in shares of Primoris Services by 5.1% during the third quarter. West Tower Group LLC now owns 26,900 shares of the construction company’s stock worth $3,694,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Primoris Services by 10.1% in the 3rd quarter. Blue Trust Inc. now owns 3,648 shares of the construction company’s stock worth $501,000 after acquiring an additional 335 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Guggenheim reaffirmed a “neutral” rating on shares of Primoris Services in a report on Wednesday, October 15th. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. Mizuho set a $129.00 target price on Primoris Services in a research note on Tuesday, October 28th. Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Finally, Roth Capital began coverage on Primoris Services in a research note on Thursday, October 9th. They issued a “buy” rating and a $170.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $140.57.

Primoris Services Stock Down 1.8%

NASDAQ PRIM opened at $124.32 on Wednesday. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $146.16. The stock has a market capitalization of $6.72 billion, a PE ratio of 41.17 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day moving average is $128.43 and its 200 day moving average is $115.57.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.51. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business’s revenue was up 32.1% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Sell-side analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s payout ratio is 6.31%.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the completion of the transaction, the director directly owned 74,466 shares in the company, valued at approximately $10,127,376. This represents a 9.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director directly owned 21,530 shares in the company, valued at $2,909,564.20. The trade was a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,888 shares of company stock valued at $3,488,679 in the last 90 days. 0.90% of the stock is owned by company insiders.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.