CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 25,000 Shares of Primoris Services Corporation $PRIM

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Primoris Services Corporation (NYSE:PRIM) by 19.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,000 shares of the company’s stock after buying an additional 25,000 shares during the period. Primoris Services accounts for about 1.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 26th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.28% of Primoris Services worth $21,742,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PRIM. Harbour Investments Inc. bought a new position in shares of Primoris Services during the 4th quarter valued at approximately $33,000. Root Financial Partners LLC lifted its position in Primoris Services by 43.1% during the first 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 last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services in the 2nd quarter worth $34,000. Cullen Frost Bankers Inc. increased its holdings in shares of Primoris Services by 30.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock worth $43,000 after buying an additional 81 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $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.

Analysts Set New Price Targets

Several brokerages have weighed in on PRIM. Cantor Fitzgerald reduced their price objective on Primoris Services from $124.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, June 25th. Zacks Research downgraded Primoris Services from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Needham & Company LLC lowered their price target on Primoris Services from $205.00 to $188.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Guggenheim reiterated a “buy” rating and set a $162.00 price objective on shares of Primoris Services in a research report on Tuesday, June 23rd. Finally, Wall Street Zen downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $143.79.

Primoris Services Stock Performance

PRIM stock opened at $88.08 on Monday. Primoris Services Corporation has a twelve month low of $65.00 and a twelve month high of $205.50. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 19.40 and a beta of 1.41. The business’s fifty day simple moving average is $117.66 and its two-hundred day simple moving average is $136.05. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Analysts predict that Primoris Services Corporation will post 1.88 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.4%. Primoris Services’s dividend payout ratio is 7.05%.

Insider Activity at Primoris Services

In other Primoris Services news, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David Lee King sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total value of $2,381,800.00. Following the completion of the sale, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This represents a 57.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by corporate insiders.

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.