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PRIM

Primoris

$20.82

0.23 (1.12%)

07:34
10/11/16
10/11
07:34
10/11/16
07:34

Primoris plans to divest Texas Heavy Civil unit

Primoris announced its board has authorized a plan to offer for sale its Texas Heavy Civil unit, which operates as a division of James Construction Group, or JCG, part of Primoris' East Construction Services segment. Primoris will continue to operate the division while actively seeking a buyer and has engaged a financial advisor to assist in the sale. The Company expects to record a charge for the divestiture in the third quarter of 2016. This charge anticipates that as part of the divestiture, the expected profitability of current construction projects will be reduced. This expected reduction would include a reduction of costs and estimated earnings in excess of billings and an increase to the reserve for anticipated job losses. Primoris also needs to complete its analysis of the fair value of the assets that will be part of the divestiture. Based on its initial estimates, Primoris expects that the divestiture will result in a pre-tax charge of $35M-$40M for the quarter. This initial estimate of the charge is preliminary, and the actual amount that will be recorded may vary from the initial estimates. In addition, Primoris believes that the divestiture will require an analysis of the goodwill amount recorded on the JCG books, and that this analysis will result in an impairment of that goodwill. Based on its initial review, the Company anticipates recording a non-cash goodwill impairment charge of $8M-$10M on a pre-tax basis. The initial calculations are preliminary, and the final goodwill impairment charge may vary from the initial estimates.

  • 17

    Nov

PRIM Primoris
$20.82

0.23 (1.12%)

08/04/16
DADA
08/04/16
DOWNGRADE
Target $20
DADA
Primoris downgraded to Neutral at DA Davidson
As previously reported, DA Davidson analyst John Rogers downgraded Primoris to Neutral from Buy following the company's "disappointing" Q2 earnings and reduced near-term outlook due to continued delays in major projects previously expected to start up. Rogers cut his price target to $20 from $28 on Primoris shares.
08/25/16
GHSC
08/25/16
UPGRADE
GHSC
Buy
Primoris upgraded to Buy from Neutral at Seaport Global
08/25/16
08/25/16
UPGRADE

Buy
Primoris upgraded on accelerating projects at Seaport Global
As previously reported, Seaport Global analyst Ryan Cassil upgraded Primoris to Buy from Neutral and increased its price target to $24 from $20. Cassil said there are fairly low expectations assumed in management's guidance of 90c-$1.10 and the possibility of project starts ahead of management's internal forecast. The analyst said recent filings indicate projects in the Southeast could start prior to late Q4 2016, which would be upside to management's forecast, and believes activity in the East segment is also poised to show an acceleration as we head into the fall.
08/25/16
08/25/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Netflix (NFLX) upgraded to Outperform from Market Perform at William Blair with analysts led by Ralph Schackart citing its belief the long term risk/reward is favorable. 2. L-3 Communications (LLL) upgraded to Overweight from Neutral at JPMorgan with analyst Seth Seifman saying L-3's turnaround is already underway but sees further free-cash-flow growth and further valuation upside. 3. Guess (GES) upgraded to Buy from Neutral with analyst Jeff Van Sinderen saying he believes the "end game" for Guess will be a sale of the company. 4. Transocean (RIG) upgraded to Neutral from Sell at Citi with analyst Scott Gruber saying the company has exceeded cost reductions while the backlog remains superior to peers. 5. Primoris (PRIM) upgraded to Buy from Neutral at Seaport Global with analyst Ryan Cassil saying there are fairly low expectations assumed in management's guidance of 90c-$1.10 and the possibility of project starts ahead of management's internal forecast. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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