Wunderlich Securities Sees Diversity And Strength From Primoris Services

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In a report published Thursday, Wunderlich Securities analyst Jason A. Wangler reiterated a Buy rating and $28.00 price target on
Primoris Services CorpPRIM
. In the report, Wunderlich Securities noted, “Primoris Services Corp. (PRIM) announced three solid midstream contract awards for underground work in the Eagle Ford and Marcellus plays of the U.S. These awards come in the face of continued oil price weakness and natural gas following suit of late; and in our view shows the continued need for both oil and natural gas infrastructure in the U.S. at the current production rates. While we do not argue that the declines in commodity pricing will likely delay or even cancel some oil and gas pipeline or gathering projects, we do believe that there will remain ample work across the value chain of oil and gas production and that Primoris is set up well to take advantage of the work that does come to the market and these recent awards illustrate this nicely. Our rating on PRIM shares remains Buy.” Primoris Services closed on Wednesday at $21.47.
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Posted In: Analyst ColorReiterationAnalyst RatingsJason A. WanglerWunderlich Securities
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