Primoris Services (NYSE:PRIM) Given “Neutral” Rating at Cantor Fitzgerald

Primoris Services (NYSE:PRIM)‘s stock had its “neutral” rating reiterated by analysts at Cantor Fitzgerald in a note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $105.00 price objective on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 38.62% from the company’s previous close.

Several other brokerages have also recently issued reports on PRIM. Weiss Ratings cut Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Wolfe Research reaffirmed an “outperform” rating and set a $149.00 target price on shares of Primoris Services in a research report on Monday, June 15th. Oppenheimer began coverage on Primoris Services in a research report on Tuesday, July 7th. They set an “outperform” rating and a $135.00 target price on the stock. UBS Group reaffirmed a “neutral” rating on shares of Primoris Services in a research report on Monday, August 10th. Finally, Guggenheim cut their target price on Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Ten investment 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 company has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Primoris Services Stock Up 6.5%

Primoris Services stock traded up $4.63 during mid-day trading on Tuesday, reaching $75.75. The stock had a trading volume of 569,625 shares, compared to its average volume of 1,397,268. 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 has a fifty-two week low of $65.00 and a fifty-two week high of $205.50. The stock’s 50-day simple moving average is $78.79 and its 200-day simple moving average is $108.71. The firm has a market capitalization of $4.08 billion, a PE ratio of 29.65 and a beta of 1.43.

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

Institutional Trading of Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Global Retirement Partners LLC bought a new stake in shares of Primoris Services in the second quarter valued at $26,000. Harbour Investments Inc. bought a new stake in shares of Primoris Services during the 4th quarter valued at $33,000. Root Financial Partners LLC raised its stake 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 purchasing an additional 69 shares during the period. Persistent Asset Partners Ltd bought a new stake in shares of Primoris Services during the 2nd quarter valued at $36,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Primoris Services during the 2nd quarter valued at $43,000. 91.82% of the stock is currently owned by institutional investors.

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.