CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Increases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Primoris Services Co. (NASDAQ:PRIM) by 25.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,000 shares of the construction company’s stock after acquiring an additional 10,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.09% of Primoris Services worth $3,744,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. USA Financial Formulas purchased a new position in shares of Primoris Services during the 4th quarter valued at $27,000. Nisa Investment Advisors LLC grew its position in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. increased its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. Millburn Ridgefield Corp bought a new position in Primoris Services in the 3rd quarter worth about $59,000. Finally, TD Private Client Wealth LLC raised its holdings in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group upped their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Primoris Services currently has an average rating of “Buy” and a consensus target price of $88.67.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is currently owned by insiders.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $86.40 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a fifty-two week low of $32.39 and a fifty-two week high of $90.86. The firm has a market cap of $4.64 billion, a PE ratio of 28.61 and a beta of 1.14. The business has a 50 day moving average price of $81.37 and a 200-day moving average price of $66.29.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS. Equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.08 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.37%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. 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.