WJB Capital Analysts Initiate Coverage on Primoris Services Corp (PRIM)
Wednesday, July 13, 2011 1:31 PM

Equities research analysts at WJB Capital initiated coverage on shares of Primoris Services Corp (NASDAQ: PRIM) in a research note to investors on Wednesday. The analysts set a "buy" rating on the stock.

Separately, analysts at Wedbush raised their price target on shares of Primoris Services Corp from $10.00 to $11.00 in a research note to investors on Wednesday, May 11st. They now have a "neutral" rating on the stock. Also, analysts at Zacks Investment Research upgraded shares of Primoris Services Corp from an "underperform" rating to a "neutral" rating in a research note to investors on Friday, March 4th.

Shares of Primoris Services Corp traded up 2.44% during mid-day trading on Thursday, hitting $13.45. Primoris Services Corp has a 52 week low of $5.62 and a 52 week high of $14.75. The stock's 50-day moving average is $12.58 and its 200-day moving average is $10.4. The company has a market cap of $686.5 million and a price-to-earnings ratio of 16.17.

Primoris Services Corp last announced its quarterly results on Tuesday, May 10th. The company reported $0.24 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.22 EPS by $0.02. The company’s quarterly revenue was up 105.50% on a year-over-year basis. On average, analysts predict that Primoris Services Corp will post $0.20 EPS next quarter.

Primoris Services Corporation (Primoris) is a holding company of various subsidiaries, which form a diversified engineering and construction company providing a range of construction, fabrication, maintenance, replacement and engineering services to public utilities, petrochemical companies, energy companies, municipalities and other customers. The Company provides services in two business segments: Construction Services and Engineering. The Company’s primary subsidiary is ARB, Inc. (ARB). ARB is engaged primarily in the infrastructure, underground pipeline, directional drilling and other structure construction and maintenance services. Primoris companies install, replace, repair and rehabilitate natural gas, refined product, water and wastewater pipeline systems, and constructs mechanical facilities, and other structures, including power plants, petrochemical facilities, refineries and parking structures. On December 18, 2009, the Company acquired James Construction Group, LLC.

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