Primoris Services Corp (PRIM) is Upgraded by Seaport Global Securities to Buy, Raises Price Target to $ 24

Primoris Services Corp (PRIM) was Upgraded by Seaport Global Securities to ” Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 24 from a previous price target of $20 . Earlier the firm had a rating of “Neutral ” on the company shares. Seaport Global Securities advised their investors in a research report released on Aug 25, 2016.

On the company’s financial health, Primoris Services Corp reported $0.10 EPS for the quarter, missing the analyst consensus estimate by $ -0.12 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $0.22. The company had revenue of $456.81 million for the quarter, compared to analysts expectations of $513.45 million. The company’s revenue was down -5.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.07 EPS.

Primoris Services Corp opened for trading at $18.11 and hit $18.635 on the upside on Tuesday, eventually ending the session at $18.59, with a gain of 3.11% or 0.56 points. The heightened volatility saw the trading volume jump to 2,46,247 shares. Company has a market cap of $963 M.

Primoris Services Corporation is a holding company. Through its subsidiaries the Company operates as a specialty construction and infrastructure company. It provides construction fabrication maintenance replacement water and wastewater and engineering services to public utilities petrochemical companies energy companies municipalities state departments of transportation and other customers. It operates in three segments: the West Construction Services segment (West segment) the East Construction Services segment (East segment) and the Energy segment. It installs replaces repairs and rehabilitates natural gas refined product water and wastewater pipeline systems; large diameter gas and liquid pipeline facilities; and heavy civil projects earthwork and site development. It constructs mechanical facilities and other structures including power plants petrochemical facilities refineries water and wastewater treatment facilities and parking structures.

Primoris Services Corp

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