CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 15,000 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 62.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,000 shares of the construction company's stock after purchasing an additional 15,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.07% of Primoris Services worth $2,265,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. lifted its position 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 purchasing an additional 197 shares during the period. CWM LLC lifted its position in Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after purchasing an additional 220 shares during the period. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the second quarter worth about $70,000. Canton Hathaway LLC acquired a new position in Primoris Services during the second quarter worth about $100,000. Finally, Innealta Capital LLC acquired a new position in Primoris Services during the second quarter worth about $108,000. Institutional investors own 91.82% of the company's stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the firm's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,391 shares of company stock worth $3,075,454. Corporate insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They set an "overweight" rating and a $71.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and a consensus price target of $58.00.

Primoris Services Trading Down 1.5 %

Shares of Primoris Services stock traded down $0.98 on Tuesday, hitting $62.39. The stock had a trading volume of 485,316 shares, compared to its average volume of 554,285. Primoris Services Co. has a twelve month low of $28.96 and a twelve month high of $63.85. The stock has a 50 day moving average of $56.43 and a 200 day moving average of $52.69. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a market capitalization of $3.35 billion, a P/E ratio of 21.97 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.56 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the business earned $0.80 EPS. Primoris Services's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Primoris Services Co. will post 3.33 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date was Friday, September 27th. Primoris Services's dividend payout ratio (DPR) is presently 8.45%.

About Primoris Services

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.