CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 10,000 Shares of Primoris Services Co. (NASDAQ:PRIM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 25.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & 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.

Several other hedge funds have also added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in shares of Primoris Services in the 4th quarter valued at $27,000. Nisa Investment Advisors LLC lifted its stake in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. boosted its holdings in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after buying an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the 3rd quarter worth about $59,000. Finally, TD Private Client Wealth LLC increased its stake 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 during the last quarter. Institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the company's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company's stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRIM. DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective for the company. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. Finally, UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $88.67.

Primoris Services Stock Down 1.7 %

Primoris Services stock traded down $1.52 during mid-day trading on Friday, reaching $86.40. The company's stock had a trading volume of 518,403 shares, compared to its average volume of 524,177. The business's 50 day simple moving average is $81.37 and its 200 day simple moving average is $66.29. 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 12 month low of $32.39 and a 12 month high of $90.86. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 28.61 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. Primoris Services's quarterly revenue was up 7.8% on a year-over-year basis. As a group, research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio is presently 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.