Primoris Services (NYSE:PRIM) Upgraded by JPMorgan Chase & Co. to Overweight Rating

Primoris Services (NYSE:PRIM) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Monday. The brokerage currently has a $116.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 24.56% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Guggenheim reaffirmed a “buy” rating and issued a $162.00 target price on shares of Primoris Services in a report on Tuesday, June 23rd. Needham & Company LLC dropped their price objective on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Wells Fargo & Company reduced their price objective on shares of Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 23rd. Mizuho decreased their price objective on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group upgraded shares of Primoris Services from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $107.00 to $102.00 in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $141.00.

Primoris Services Trading Up 0.0%

NYSE:PRIM opened at $93.13 on Monday. Primoris Services has a 12-month low of $65.00 and a 12-month high of $205.50. The firm has a market cap of $5.05 billion, a PE ratio of 20.51 and a beta of 1.37. 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 stock has a fifty day moving average price of $124.85 and a 200 day moving average price of $137.40.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) 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 net margin of 3.31% and a return on equity of 16.48%. Primoris Services’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Sell-side analysts anticipate that Primoris Services will post 1.91 earnings per share for the current fiscal year.

Insider Activity at Primoris Services

In related news, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction on 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 sale, the insider directly owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Lee King sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Harbour Investments Inc. acquired a new stake in shares of Primoris Services during the fourth quarter worth about $33,000. Root Financial Partners LLC grew 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 buying an additional 69 shares during the last quarter. Osterweis Capital Management Inc. acquired a new position in Primoris Services during the second quarter worth approximately $34,000. Cullen Frost Bankers Inc. lifted its stake in Primoris Services by 30.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after buying an additional 81 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock valued at $43,000 after buying an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

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.