Primoris Services Corporation PRIM announced the launch of an engineering, procurement, and construction (EPC) business. The move is in line with the company’s efforts to boost organic growth. The unit will provide engineering services to small-to-midsized capital projects for the refining, petrochemical, and gas-processing industries.
The new business unit, Primoris Design & Construction (PDC), will be headquartered in Tyler, TX. This unit will specialize in process, civil, structural, mechanical, instrument and electrical EPC services.
PDC will utilize its fabrication and construction expertise to serve market segments, including refining, petrochemical, mid-stream gases, industrial gases, and industrial groups, with facilities needing complete EPC services, updates, or repair.
Primoris Services Corporation Price
Primoris Services Corporation Price | Primoris Services Corporation Quote
This business will be led by two executives with relevant industry experience. PDC will commence operations on Apr 3.
Primoris believes its end markets will continue to grow over the long term. The company continues to focus on the expansion of its scope of services. Its financial and operational strength will help meet short-term delays.
While fluctuating oil prices create uncertainty, Primoris expects to witness growth in preliminary bidding activity for larger gas, oil and derivatives projects. Moreover, the company is optimistic about its short- and long-term opportunities.
Year to date, Primoris has outperformed the Zacks classified Building and Construction Products - Miscellaneous sub-industry with respect to price performance. The stock gained around 5.2%, while the industry rose 1% over the same time frame.
Primoris currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the same space include Owens Corning OC, PulteGroup, Inc. PHM and Dycom Industries, Inc. DY. All three stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Owens Corning has an average positive earnings surprise of 35.13% for the trailing four quarters. PulteGroup has an average earnings surprise of 13.49% for the last four quarters, while Dycom Industries has an average earnings surprise of 17.30% for the same time period.
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