Primoris Services Corporation (NYSE:PRIM) Faces Downgrade and Investigations Amidst Guidance Cut

Font: Financial Modeling Prep  • Jun 24, 2026

• Primoris Services Corporation (NYSE:PRIM) received a "Sell" rating from Goldman Sachs, signaling an expected decrease in its stock value.
• The company drastically cut its full-year adjusted EBITDA guidance due to significant issues in its Renewables segment, leading to a 40% stock drop.
• Law firms are investigating Primoris Services Corporation for potential federal securities law violations following these sudden financial setbacks and stock price declines.

Primoris Services Corporation (NYSE:PRIM) is a leading specialty construction and engineering company. It provides a wide range of services to the energy, utility, and civil infrastructure markets. The company operates through segments including Utilities, Energy/Renewables, and Pipeline Services, building and maintaining essential infrastructure across North America.

On June 24, 2026, Goldman Sachs initiated coverage on Primoris with a "Sell" rating, impacting its investment outlook. This rating suggests that the prominent investment bank expects the stock's value to decrease. At the time of the rating, the stock price was $92.69, as highlighted by TheFly.

This negative outlook follows a series of troubling announcements from Primoris. On June 22, 2026, Primoris drastically cut its full-year adjusted EBITDA guidance to a range of $275 million to $325 million. This is a significant reduction from its May 6 guidance of $480 million to $500 million, raising concerns about its financial performance.

The guidance cut was driven by significant issues in its Renewables segment, which is facing project delays and cost overruns on six specific renewable energy projects. Primoris also announced the abrupt departure of its Chief Operating Officer. These events caused Primoris's stock to fall by 40% during intraday trading on June 23, 2026, highlighting investor reaction to the news.

As a result of the sudden financial guidance changes and sharp stock price drops, prominent law firms such as Levi & Korsinsky and Hagens Berman have initiated investigations. They are looking into whether Primoris misled investors about the performance of its renewables business and potentially violated federal securities laws, focusing on investor protection.