Two units of
Primoris Services Corporation
) - James Construction Group and Rockford Corporation, have
secured new contracts worth $155 million. The deals cover
pipeline and highway infrastructure projects throughout the
CHINA RAILWY CP (CWYCY): Get Free Report
HOPEWELL HWY IN (HHILY): Get Free Report
MASTEC INC (MTZ): Free Stock Analysis Report
PRIMORIS SERVCS (PRIM): Free Stock Analysis
To read this article on Zacks.com click here.
Acquired in 2009, James Construction Group is a unit of the East
Construction Services segment of Primoris. Its Heavy Civil group
has been awarded projects worth $55 million for the construction
of highway and transportation infrastructure in Louisiana and
Texas. The project is expected to continue through 2015.
Another unit, Rockford Corp., which is part of the West
Construction Services segment of Primoris, received three
pipeline construction projects worth $100 million in
Pennsylvania, Texas and West Virginia.
Of the three projects, the construction of the 100-mile pipeline
of the Seaway system in Texas has the maximum volume of work
involved. The Seaway Crude Pipeline Company is a joint venture
between Enterprise Products Partners, LLC, and Enbridge, Inc. The
Seaway system includes a 500-mile long, 30-inch diameter pipeline
between Cushing, Oklahoma and Freeport. The construction work is
scheduled to start in the third quarter of 2013 and will be
concluded during the first quarter of 2014.
The second project involves 2 miles of 24 inch diameter HDPE
(High Density polyethylene) water line. In addition, the third
project involves 3.9 miles of 12 inch diameter gas pipeline in
Pennsylvania. Both the projects started in the third quarter of
2013 and should be completed by the end of the year.
Dallas, Tex.-based Primoris is a specialty contractor and
infrastructure company which serves diverse end markets. The
company also provides a wide range of construction, fabrication,
maintenance, replacement, water and wastewater, and engineering
services to major public utilities, petrochemical companies,
energy companies, municipalities and other customers.
Primoris remains optimistic about its business lines as it sees
ample prospects for continued growth across end markets.
Improvement in the U.S. energy infrastructure will drive growth.
In addition, the company believes that industrial and water end
markets are poised for significant growth in the coming years.
Primoris currently retains a Zacks Rank #3 (Hold).
Other stocks in the building and heavy construction industry with
favorable Zacks rank are
China Railway Construction Corporation Limited
Hopewell Highway Infrastructure Limited
). While China Railway holds a Zacks Rank #1 (Strong Buy), both
Hopewell Highway and MasTec carry a Zacks Rank #2 (Buy).