Primoris Services Stock Tumbles 22% as Renewable Project Cost Overruns Spark Executive COO Departure

Key Stats for Primoris Services Stock

• Price change for Primoris Services stock -22%
• $PRIM Share Price as of Jun. 23: $85
• 52-Week High: $206
• $PRIM Stock Price Target: $140

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What Happened?

Primoris Services (PRIM) stock cratered again on Tuesday after the company slashed its outlook for the second time this year and announced the departure of its Chief Operating Officer.

Six projects in the company’s renewable energy division are facing cost overruns. Two are nearly finished, but others will drag on through the rest of 2026.

The problems forced Primoris to cut its renewables revenue forecast to around $2.1 billion — down from $3 billion in 2025.

The earnings hit was severe.

Full-year adjusted EPS guidance was slashed to $2.05–$2.60, compared to $4.80–$5.00 just last month, in the May earnings report. That May number had already been a big cut from the February forecast of $5.80–$6.00.

In addition to the financial revisions, Primoris said COO Jeremy Kinch is leaving the company. No reason was given.

CEO Koti Vadlamudi will absorb most of Kinch’s responsibilities while the company searches for a replacement.

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What the Market Is Telling Us About Primoris Services Stock

Primoris Services stock is now down 59% from its peak of $205.50 reached on May 5.

The day after that peak, shares fell 50% following a disappointing Q1 report. Tuesday’s drop pushed the stock to its lowest level since May 2025.

Analyst reaction was swift.

• KeyBanc downgraded Primoris Services stock to sector weight.
• Wells Fargo and Mizuho both cut price targets.
• A Wells Fargo analyst flagged the risk of further project losses in the second half.

Not everyone is walking away.

• UBS analyst Steve Fisher kept his buy rating, saying there could be “considerable upside for 2027” if execution issues stop here and bookings continue to build.
• The company did announce $2 billion in new project wins this quarter, largely in natural gas generation and data center electrical work.

But as Fisher noted, confidence needs to be restored first. Until then, Primoris Services stock is likely to stay under pressure.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!