Primoris (PRIM) Secures $53M Pipeline Construction Awards

Zacks Equity Research

Updated Mon, Jun 26, 2017, 10:00 AM

Rockford Corporation, a unit of the Pipeline and Underground segment of Primoris Services Corporation PRIM, recently secured new pipeline construction awards valued at approximately $53 million.

The project has been awarded for the construction of natural gas pipelines located in Pennsylvania for a major energy infrastructure company. Work under the contract comprises installation of combined 27 miles of new gathering pipelines in the Marcellus shale region, including 24”, 16”, and 20” diameter pipeline.

Work on the project began in second-quarter 2017 and is expected to close in fourth-quarter 2017.

Primoris recently signed a new Master Service Agreement (MSA), with a major utility customer, with a three-year anticipated value of approximately $21 million. It includes carrying out natural gas main and service renewal work in Northern and Northeastern Iowa.

Thus, Primoris is positive about bidding opportunities, which will continue to increase its backlog. Moreover, benefits from geography and market diversity, as well as those from the expected boom in capital pipeline construction, will bolster revenues.

Primoris has an estimated long-term earnings growth rate of 10%. Other stocks in the Building Products and Heavy Construction sector are EMCOR Group, Inc. EME, Sterling Construction Company, Inc. STRL and MasTec, Inc. MTZ.

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Primoris (PRIM) Secures $53M Pipeline Construction Awards

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