Primoris Services Corporation (PRIM) shares rose slightly this morning in the early trades, hitting $33.05 seeing a rise of 3.35%. Primoris stock fell by -2.06% to close the previous trading session at $31.98. Rise in the PRIM stock price has been triggered by news that it has secured a multi-million dollar civil project.
What project has been secured?
Primoris has been providing specialty contracting services in the United States and Canada since 1960. A diversified, long-standing client base has relied on Primoris for its specialty construction services, fabrication, maintenance, and engineering services.
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Primoris announced a significant new project in Texas this morning, valued at over $35 million.
- This contract was closed by the Energy Segment of PRIM.
- Texas Department of Transportation awarded the project for a Midland, Texas site.
- Several parts of Interstate 20 will be reconstructed, including its frontage roads and main lanes.
- Construction of the project includes removing and replacing existing surfaces, paving with both asphalt and concrete, construction of new bridges, drainage, and installation of safety features such as guardrails, barriers, and signage,
- It is anticipated that work will be completed in the fourth quarter of 2023, with completion anticipated in the second quarter of 2021.
Primoris stock has fallen -19.73% over the past five sessions. However, one month’s performance lessened the loss to -4.54%. In the last three months, the PRIM stock has soared 16.72% and has risen by 155.23 percent since the beginning of this year.
A price-to-earnings ratio of 14.79 indicates that the company trades at a premium to the industry average. Besides, its price to cash flow ratio stands at 6.76, and its price to sales ratio stands at 0.46.