Primoris Reveals $900M Renewables Revenue Cut for 2026, Quantifying Recent Shock
PRIM sits 47% above its 52-week low of $65.
Summary
Primoris announced a significant ~30% (~$900 million) reduction in its 2026 renewables revenue compared to 2025, attributing it to six specific projects. This news quantifies the 'additional renewables revenue shock' that caused the stock to plunge 40% yesterday. The company is also facing an investigation by Hagens Berman into its pre-May 5, 2026 renewables disclosures, which was previously reported. Goldman Sachs upgraded Primoris from Sell to Neutral but simultaneously cut its price target from $107 to $102.
At the time of this announcement, PRIM was trading at $95.75 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $65.00 to $205.50. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.