Wolfe Research Initiates Coverage on Primoris Services (NYSE:PRIM)

Research analysts at Wolfe Research assumed coverage on shares of Primoris Services (NYSE:PRIM) in a research note issued on Thursday, Marketbeat reports. The brokerage set an “outperform” rating and a $183.00 price target on the stock. Wolfe Research’s price target points to a potential upside of 13.40% from the stock’s current price.

PRIM has been the subject of a number of other reports. Cantor Fitzgerald set a $160.00 price objective on shares of Primoris Services and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Wells Fargo & Company boosted their price objective on shares of Primoris Services from $138.00 to $168.00 and gave the stock an “equal weight” rating in a report on Thursday, February 26th. Guggenheim lifted their target price on shares of Primoris Services from $170.00 to $184.00 and gave the stock a “buy” rating in a research note on Wednesday, April 1st. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a research note on Wednesday, January 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $165.00 to $171.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $156.31.

Primoris Services Stock Performance

Shares of PRIM opened at $161.37 on Thursday. The company has a market cap of $8.75 billion, a price-to-earnings ratio of 32.08 and a beta of 1.38. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. Primoris Services has a fifty-two week low of $53.13 and a fifty-two week high of $174.43. The business has a 50 day simple moving average of $149.80.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.13. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.82 billion. Primoris Services had a net margin of 3.63% and a return on equity of 18.67%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.13 EPS. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock valued at $43,000 after purchasing an additional 194 shares during the period. Goldman Sachs Group Inc. increased its position in Primoris Services by 7.4% during the 1st 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 purchased a new position in Primoris Services during the 1st quarter valued at $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 valued at $9,650,000 after purchasing an additional 33,818 shares during the period. Finally, M&T Bank Corp purchased a new position in Primoris Services during the 2nd quarter valued at $274,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.