Oppenheimer initiates coverage on Primoris Services with Outperform rating

0 min read     Updated on 08 Jul 2026, 01:41 AM
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Oppenheimer analyst Brent Thielman initiated coverage on Primoris Services with an Outperform rating and a price target of $135, signaling a positive outlook for the NYSE-listed stock.

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Oppenheimer analyst Brent Thielman has initiated coverage on Primoris Services with an Outperform rating and announced a price target of $135. The rating reflects a positive outlook on the company's performance potential.

Coverage Details

The initiation marks the firm's formal stance on Primoris Services, which trades on the NYSE under the ticker PRIM. The Outperform rating suggests the stock is expected to deliver above-average returns compared to the broader market.

Key Metrics

Metric Value
Rating Outperform
Price Target $135

What specific factors are driving Primoris Services' potential for above-average returns?

How might the current market conditions affect the achievement of the $135 price target?

What are the key growth catalysts for Primoris Services in the upcoming quarters?

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Primoris wins engineering deal for Fermi's first six gas turbines

1 min read     Updated on 30 Jun 2026, 07:53 PM
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Primoris secured an engineering and construction contract for Fermi's first six SGT-800 gas turbines in Texas. The deal covers the simple cycle phase of a 6x1 combined cycle facility near the Project Matador data center campus. Site mobilization is already underway with excavation and material deliveries completed.

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Primoris has been awarded the engineering, procurement, and construction contract for the first six SGT-800 gas turbines at Fermi's power facility in Amarillo, Texas. The agreement covers the simple cycle phase of the Siemens 6x1 combined cycle generating facility, which is located adjacent to the Project Matador hyperscale computing and data center campus. This contract marks a significant step in the execution of Fermi's phase one power buildout strategy.

Project Scope and Execution Strategy

The partnership aims to compress timelines and de-risk the delivery of the power infrastructure. By securing proven contractors, Fermi intends to accelerate the conversion of project plans into physical infrastructure. The company emphasized that phase one is an active development rather than a future goal, focusing on immediate progress and on-the-ground momentum.

Prior Mobilization and Site Work

Primoris has already begun operations at the Project Matador site under previous work orders. The team completed the bathtub excavation for all six gas turbine power islands and has taken delivery of balance of plant materials. These materials are designated to support the ongoing underground utility installation, building upon a foundation of safety and craftsmanship.

Project Component Status
Gas Turbines First six SGT-800 units
Facility Type Siemens 6x1 combined cycle
Phase Scope Simple cycle engineering, procurement, construction
Site Location Adjacent to Project Matador, Amarillo, Texas
Excavation Bathtub excavation completed for six islands
Material Delivery Balance of plant material received

What is the projected timeline for the completion of the simple cycle phase and the subsequent transition to the full combined cycle configuration?

How will the power capacity generated by these initial six turbines support the immediate energy requirements of the Project Matador hyperscale computing campus?

What specific risk mitigation strategies are being employed to ensure the accelerated timeline does not compromise safety or quality standards?

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