In a report released today, Alex Rygiel from B.Riley FBR reiterated a Buy rating on Tutor Perini Corp (TPC), with a price target of $24. The company’s shares opened today at $18.47.
Rygiel wrote:
“We are raising our 2019 and 2020 estimates following 4Q18 results on 2/27, which we believe was a turnaround quarter for the company, including solid margin improvement Y/Y and sequentially, across all segments. We expect 2019 to be more back-half loaded given the 1Q weather and timing of project starts and expect margins to improve for the full years 2019 and 2020. Record backlog of $9.3B confirms that TPC is heading into significant growth in 2019 and 2020. As well, bidding opportunities appear to be significant across all segments and with less than a handful of contractors that can execute $1B+ projects, we believe TPC is well positioned to win more than its share of work. One overhang on the stock remains TPC’s timing of unbilled receivables collections.”
According to TipRanks.com, Rygiel is a 5-star analyst with an average return of 7.5% and a 58.4% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Quanta Services, and MYR Group.
Currently, the analyst consensus on Tutor Perini Corp is a Moderate Buy with an average price target of $22.80, representing a 23.4% upside. In a report issued on February 28, MKM Partners also maintained a Buy rating on the stock with a $27 price target.
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Tutor Perini Corp’s market cap is currently $920.5M and has a P/E ratio of 11.16. The company has a Price to Book ratio of 0.51.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is negative on the stock.
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Tutor Perini Corp. engages in the provision of construction services. It operates though the following business segments: Civil, Building, and Specialty Contractors. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure across the major geographic regions of the United States.
