June 3, 2023

Primoris Secures Solar Contract of Over $370M

Specialty construction and infrastructure company Primoris Services Corporation (PRIM) recently announced that it was awarded a solar contract for more than $370 million on the West Coast. The contract was secured by the company’s energy/renewables segment.

Details of the Contract

The contract entails engineering, procurement and construction of a utility-scale solar facility on the West Coast. The project is expected to commence in the second quarter of 2022 and conclude in the fourth quarter of 2023.

Management Commentary

The CEO of Primoris, Tom McCormick, said, “Our proven ability to execute best-in-class utility-scale solar projects continues to attract repeat business. With this new contract, our solar project backlog now exceeds $1 billion as we move into 2022.”

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Analyst Ratings

Consensus among analysts is a Hold based on 1 Buy and 1 Sell. The average Primoris price target of $29.50 implies upside potential of 23% from current levels. Shares have declined 13.3% over the past year.

Hedge Funds’ Confidence

TipRanks’ Hedge Fund Trading Activity tool shows that hedge fund confidence in PRIM is currently Positive. Moreover, the cumulative change in holdings across all five hedge funds that were active in the last quarter was an increase of 138,000 shares.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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