Primoris Services Corporation’s (PRIM - Free Report) Pipeline Services unit has secured a contract for the construction of 60 miles of pipeline in Texas.
Shares of this leading specialty contractor slipped 2.6% during the trading session on Sep 6. Yet, shares gained 2.7% in the after-hours trading session on the same day.
The contract, valued at $120 million is expected to be completed in the second quarter of 2023. Work under this pipeline contract is slated to begin in the third quarter of 2022.
Contract Wins & Solid Backlog Bode Well
Primoris — a Zacks Rank #2 (Buy) company — has been reaping benefits from strong project Primoris execution. Its continuous contract wins and solid backlog level are testimony to the fact. Last month, Primoris received a solar project contract worth $270 million. The contract was received by the Energy/Renewables segment. The project will add approximately 500-3,900 megawatts of solar power projects, which the company currently has under construction. In July, it received a heavy civil project of more than $170 million from the Texas Department of Transportation. In June, it won a solar project contract. The contract, worth $260 million was won by the Energy/Renewables segment.
As of Jun 30, 2022, the company reported a record backlog of $4.572 billion, representing an increase of 59% from a year ago. The company expects to generate 76% of the total backlog as revenues during the next four quarters. This comprises backlog of 100% of Utilities, 62% of Energy/Renewables and 100% of Pipeline.
Shares of Primoris have underperformed the Zacks Building Products - Heavy Construction industry year to date. Despite macroeconomic woes, the company is likely to benefit from solid performance across the two segments — Utility and Energy/Renewables. Biden’s renewable energy drive and higher infrastructural spending are expected to drive growth for the company.
Other Key Picks
Arcosa, Inc. (ACA - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), is a manufacturer of infrastructure-related products and services, serving construction, energy and transportation markets.
ACA’s expected earnings growth rate for 2022 is 7.8%. The Zacks Consensus Estimate for current-year earnings has improved 13.7% over the past 30 days.
You can see the complete list of today’s Zacks #1 Rank stocks here.
United Rentals, Inc. (URI - Free Report) , a Zacks Rank #1 company, has been benefiting from a broad-based recovery of activity across end markets served. Also, higher margins from rental revenues and used equipment sales are added benefits.
The consensus mark for URI’s 2022 earnings rose to $31.73 per share from $31.03 in the past 30 days. The estimated figure suggests 43.8% year-over-year growth.
Gibraltar Industries, Inc. (ROCK - Free Report) , currently carrying a Zacks Rank of 2, is benefiting from its three-pillar value creation strategy, the strong housing market and solid demand for legacy and TerraSmart businesses.
ROCK’s expected earnings growth rate for 2022 is 19.4%. The Zacks Consensus Estimate for current-year earnings has increased to $3.32 from $3.30 per share over the past 30 days.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
Primoris Services Corporation’s (PRIM - Free Report) Pipeline Services unit has secured a contract for the construction of 60 miles of pipeline in Texas.
Shares of this leading specialty contractor slipped 2.6% during the trading session on Sep 6. Yet, shares gained 2.7% in the after-hours trading session on the same day.
The contract, valued at $120 million is expected to be completed in the second quarter of 2023. Work under this pipeline contract is slated to begin in the third quarter of 2022.
Contract Wins & Solid Backlog Bode Well
Primoris — a Zacks Rank #2 (Buy) company — has been reaping benefits from strong project Primoris execution. Its continuous contract wins and solid backlog level are testimony to the fact. Last month, Primoris received a solar project contract worth $270 million. The contract was received by the Energy/Renewables segment. The project will add approximately 500-3,900 megawatts of solar power projects, which the company currently has under construction. In July, it received a heavy civil project of more than $170 million from the Texas Department of Transportation. In June, it won a solar project contract. The contract, worth $260 million was won by the Energy/Renewables segment.
As of Jun 30, 2022, the company reported a record backlog of $4.572 billion, representing an increase of 59% from a year ago. The company expects to generate 76% of the total backlog as revenues during the next four quarters. This comprises backlog of 100% of Utilities, 62% of Energy/Renewables and 100% of Pipeline.
Shares of Primoris have underperformed the Zacks Building Products - Heavy Construction industry year to date. Despite macroeconomic woes, the company is likely to benefit from solid performance across the two segments — Utility and Energy/Renewables. Biden’s renewable energy drive and higher infrastructural spending are expected to drive growth for the company.
Other Key Picks
Arcosa, Inc. (ACA - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), is a manufacturer of infrastructure-related products and services, serving construction, energy and transportation markets.
ACA’s expected earnings growth rate for 2022 is 7.8%. The Zacks Consensus Estimate for current-year earnings has improved 13.7% over the past 30 days.
You can see the complete list of today’s Zacks #1 Rank stocks here.
United Rentals, Inc. (URI - Free Report) , a Zacks Rank #1 company, has been benefiting from a broad-based recovery of activity across end markets served. Also, higher margins from rental revenues and used equipment sales are added benefits.
The consensus mark for URI’s 2022 earnings rose to $31.73 per share from $31.03 in the past 30 days. The estimated figure suggests 43.8% year-over-year growth.
Gibraltar Industries, Inc. (ROCK - Free Report) , currently carrying a Zacks Rank of 2, is benefiting from its three-pillar value creation strategy, the strong housing market and solid demand for legacy and TerraSmart businesses.
ROCK’s expected earnings growth rate for 2022 is 19.4%. The Zacks Consensus Estimate for current-year earnings has increased to $3.32 from $3.30 per share over the past 30 days.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
Get the latest research report on ROCK - FREE
Get the latest research report on URI - FREE
Get the latest research report on PRIM - FREE
Get the latest research report on ACA - FREE