Yaupon Capital Management LP Reduces Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Yaupon Capital Management LP reduced its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 95.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,679 shares of the construction company's stock after selling 668,138 shares during the quarter. Yaupon Capital Management LP owned about 0.06% of Primoris Services worth $2,420,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PRIM. USA Financial Formulas acquired a new stake in shares of Primoris Services during the 4th quarter worth about $27,000. Farther Finance Advisors LLC lifted its stake in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. boosted its position in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the last quarter. Covestor Ltd grew its stake in Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after acquiring an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new position in Primoris Services in the 4th quarter valued at $97,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Trading Up 1.9 %

PRIM stock traded up $1.15 during midday trading on Friday, reaching $60.59. 516,350 shares of the company's stock traded hands, compared to its average volume of 725,962. Primoris Services Co. has a fifty-two week low of $45.37 and a fifty-two week high of $90.86. The business has a 50-day moving average price of $61.67 and a two-hundred day moving average price of $71.21. The company has a market capitalization of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.53%. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. KeyCorp decreased their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler initiated coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $84.75.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company's stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 0.90% of the company's stock.

Primoris Services 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.