Primoris Services (NYSE:PRIM) Shares Gap Down – Here’s Why

Shares of Primoris Services Corporation (NYSE:PRIM) gapped down prior to trading on Tuesday . The stock had previously closed at $165.64, but opened at $139.16. Primoris Services shares last traded at $159.57, with a volume of 535,108 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PRIM. Weiss Ratings restated a “buy (b)” rating on shares of Primoris Services in a research report on Tuesday, January 20th. Cantor Fitzgerald raised Primoris Services to a “hold” rating in a research note on Friday, January 23rd. Guggenheim upgraded Primoris Services from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 13th. Wells Fargo & Company upgraded Primoris Services to an “equal weight” rating in a report on Thursday, November 13th. Finally, Zacks Research cut shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 31st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold”.

Primoris Services Stock Down 4.7%

The business’s 50-day simple moving average is $143.97. The firm has a market cap of $8.53 billion, a P/E ratio of 31.15 and a beta of 1.37. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.26.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.