JP Morgan Upgrades Primoris Services to 'Buy' Rating
JP Morgan has raised its rating on Primoris Services to 'buy' with a target price of $116, a 17.03% upside from the current price.
Key Points
- JP Morgan upgraded Primoris Services Corporation to a buy rating with a target of $116 on June 29, 2026.
- JP Morgan's $116 price target implies 17.03% upside from Primoris Services Corporation's ($PRIM) current $99.12 share price.
- Shares of NYSE:PRIM traded near $93.11 on Monday, with a market cap of $5.05 billion and a P/E ratio of 20.55.
- Insiders recently traded shares and analysts have set various price targets, reflecting active interest in the stock.
Important disclosure: Podchat is not a registered investment adviser, broker-dealer, or financial planner. This article is for informational and educational purposes only and is not a recommendation to buy, sell, or hold any security. Content may be generated by automated systems using public filings, market data, and third-party sources, and may contain errors or omissions. Investing involves risk, including possible loss of principal. Past performance, insider activity, analyst ratings, price targets, sentiment scores, and hypothetical or backtested results are not guarantees of future performance. Please do your own research and consult a qualified professional before making investment decisions.
On June 29, 2026, JP Morgan analyst Mark Strouse upgraded Primoris Services Corporation (NYSE:PRIM) to a 'buy' rating, setting a price target of $116. This move reflects a positive outlook on the company's future performance.
JP Morgan vs. the S&P 500
Hypothetical, simulated performance of disclosed positions vs. the S&P 500. Not realized profit and not investment advice. Past performance does not indicate future results. Details.
Other Institutional Activity in Primoris Services Corporation
BlackRock, Inc. increased its holdings by 44,535 shares, bringing its total to 8,340,660 shares worth about $1.19 billion. Vanguard Portfolio Management LLC opened a new position with 3,653,916 shares valued at approximately $522.7 million. Fuller & Thaler Asset Management, Inc. reduced its stake by 71,347 shares, leaving it with 2,966,901 shares valued at $424.4 million. First Trust Advisors LP significantly increased its holdings by 928,155 shares, ending with 2,886,163 shares worth $412.8 million.
Primoris Services Corporation Stock Up 35.6%
Shares of NYSE:PRIM traded near $93.11 on Monday. Primoris Services Corporation has a market cap of $5.05 billion and a P/E ratio of 20.55, with a forward P/E of 17.38. The stock's 52-week range is between $65.00 and $205.50, with a 50-day moving average of $127.73 and a 200-day moving average of $135.79. The beta is 1.38, indicating more volatility compared to the market.
$PRIM price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
For the past quarter, Primoris Services Corporation reported revenue of $7.49 billion, though it saw a slight decline with a growth rate of -5.4%. The company achieved an EPS of $4.53, with a net margin of 3.31% and a return on equity of 15.85%. The next earnings release is scheduled for August 3, 2026.
Dividend
Primoris Services Corporation pays an annual dividend rate of $0.32, yielding 0.34%. The dividend payout ratio is a modest 7.06%, indicating a conservative payout strategy.
Insider Buying and Selling at Primoris Services Corporation
Recent insider activities include President & CEO Koti Vadlamudi purchasing 7,815 shares at an average price of $127.96 on May 27, 2026. Chief Legal and Admin Officer John Perisich sold 29,707 shares at $127.86 on May 28, 2026. Additionally, David Lee King sold 20,000 shares at an average price of $119.09 on May 26, 2026.
Analysts Set New Price Targets
On June 29, 2026, JP Morgan upgraded Primoris Services Corporation to a 'buy' with a price target of $116. Goldman Sachs also upgraded the stock to a 'hold' with a target of $102 on June 25, 2026. Meanwhile, Cantor Fitzgerald and Mizuho maintained their ratings, with targets of $100 and $117, respectively.
About Primoris Services Corporation
Primoris Services Corporation, headquartered in Dallas, Texas, provides infrastructure services across the United States and Canada. Operating in the Industrials sector, the company is involved in the Engineering & Construction industry, focusing on utilities and energy segments. Primoris offers installation and maintenance of utility distribution systems and provides engineering and construction services for energy-related projects.
Bottom Line
JP Morgan's upgrade of Primoris Services Corporation to a 'buy' rating highlights optimism in the company's prospects. With its diverse operations in the utilities and energy sectors, Primoris is a company to watch. Investors should note that analyst ratings and price targets are based on past performance and market conditions, which may change over time.
Get Primoris Services Corporation alerts
New 13F filings, insider trades, and analyst moves on $PRIM, sent to your inbox. Free, and you can unsubscribe anytime.
This instant news alert was generated by automated narrative technology and financial data from Podchat and public regulatory filings. It is for informational purposes only and is not financial advice.