Primoris Services’ (PRIM) “Neutral” Rating Reaffirmed at Cantor Fitzgerald

Primoris Services (NYSE:PRIM)‘s stock had its “neutral” rating reaffirmed by equities researchers at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. They presently have a $105.00 target price on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 37.37% from the stock’s current price.

Several other brokerages also recently commented on PRIM. Wall Street Zen downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. JPMorgan Chase & Co. upgraded shares of Primoris Services from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $105.00 to $116.00 in a report on Monday, June 29th. Oppenheimer initiated coverage on Primoris Services in a research note on Tuesday, July 7th. They issued an “outperform” rating and a $135.00 price target for the company. The Goldman Sachs Group upgraded shares of Primoris Services from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $107.00 to $102.00 in a research note on Thursday, June 25th. Finally, Wolfe Research restated an “outperform” rating and set a $149.00 price objective on shares of Primoris Services in a research note on Monday, June 15th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Primoris Services Stock Up 7.5%

Shares of PRIM traded up $5.32 during trading hours on Tuesday, hitting $76.44. 240,932 shares of the company were exchanged, compared to its average volume of 1,395,379. The company has a market cap of $4.11 billion, a PE ratio of 30.06 and a beta of 1.43. The firm’s 50 day moving average is $78.79 and its 200-day moving average is $108.71. Primoris Services has a 52 week low of $65.00 and a 52 week high of $205.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18.

Primoris Services (NYSE:PRIM) last posted its earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. Primoris Services’s revenue was down 10.7% compared to the same quarter last year. During the same period last year, the business posted $1.68 EPS. On average, equities research analysts forecast that Primoris Services will post 1.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Root Financial Partners LLC lifted its position in shares of Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock valued at $33,000 after acquiring an additional 69 shares during the period. Global Retirement Partners LLC bought a new position in Primoris Services in the second quarter worth approximately $26,000. Harbour Investments Inc. bought a new position in Primoris Services in the fourth quarter worth approximately $33,000. Persistent Asset Partners Ltd bought a new position in Primoris Services in the second quarter worth approximately $36,000. Finally, Osterweis Capital Management Inc. bought a new position in Primoris Services in the second quarter worth approximately $43,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.