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Primoris (PRIM) Energy Unit Wins Industrial Award Worth $10M
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Primoris Services Corporation (PRIM - Free Report) announced that its Energy Services' industrial division, part of the Energy segment, has won a new industrial award from a major energy infrastructure company, worth around $10 million.
Per the contract, Primoris will install pipeline and yard valves for the contract provider’s natural gas transmission pipeline system in North Carolina to facilitate the reversal of gas flow in the pipeline system. The pipeline installation will support bi-directional flow at its existing mainline compressor stations.
Work on the project is slated to begin in second-quarter 2017 and is likely to complete by first-quarter 2018. The contract will be included in the first-quarter 2017 backlog.
Primoris expects the pipeline market to remain strong in the near term, driven by large diameter natural gas pipelines for utility customers. The company continues to grow Master Service Agreement (MSA) work with new utility customers in diversified geographies.
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 anticipated boom in capital pipeline construction, will bolster revenues.
Year to date, Primoris outperformed the Zacks classified Building and Construction Products - Miscellaneous sub-industry with respect to price performance. The stock gained around 0.5%, while the industry incurred a loss of 2.3% over the same time frame.
Owens Corning has an average positive earnings surprise of 35.13% for the trailing four quarters. Louisiana-Pacific generated an average earnings surprise of 66.28% in the last four quarters, while Dycom Industries has an average earnings surprise of 17.30% for the same time period.
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Primoris (PRIM) Energy Unit Wins Industrial Award Worth $10M
Primoris Services Corporation (PRIM - Free Report) announced that its Energy Services' industrial division, part of the Energy segment, has won a new industrial award from a major energy infrastructure company, worth around $10 million.
Per the contract, Primoris will install pipeline and yard valves for the contract provider’s natural gas transmission pipeline system in North Carolina to facilitate the reversal of gas flow in the pipeline system. The pipeline installation will support bi-directional flow at its existing mainline compressor stations.
Work on the project is slated to begin in second-quarter 2017 and is likely to complete by first-quarter 2018. The contract will be included in the first-quarter 2017 backlog.
Primoris Services Corporation Price
Primoris Services Corporation Price | Primoris Services Corporation Quote
Primoris expects the pipeline market to remain strong in the near term, driven by large diameter natural gas pipelines for utility customers. The company continues to grow Master Service Agreement (MSA) work with new utility customers in diversified geographies.
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 anticipated boom in capital pipeline construction, will bolster revenues.
Year to date, Primoris outperformed the Zacks classified Building and Construction Products - Miscellaneous sub-industry with respect to price performance. The stock gained around 0.5%, while the industry incurred a loss of 2.3% over the same time frame.
Better-ranked stocks in the same space include Owens Corning (OC - Free Report) , Louisiana-Pacific Corporation (LPX - Free Report) and Dycom Industries, Inc. (DY - Free Report) . 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. Louisiana-Pacific generated an average earnings surprise of 66.28% in the last four quarters, while Dycom Industries has an average earnings surprise of 17.30% for the same time period.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>