Parsons Corp shares hit record high of $100.11 by Investing.com

In an impressive demonstration of market confidence, Parsons Corporation (PSN) stock has hit an all-time high, breaking the $100.11 mark. This milestone highlights a period of exceptional growth for the company, with the share price gaining a remarkable 78.11% over the past year. Investors are increasing their bets on Parsons, driven by the company’s strategic initiatives and solid financial performance. This catapulted the stock to new heights and sets a bullish trend for the future.

Recent news highlights Parsons Corporation’s remarkable financial recovery: In the second quarter of 2024, the company posted record revenues of $1.7 billion and breakeven EBITDA of $150 million. Parsons also scored points in new contracts, securing a $68.5 million contract to design and build U.S. Army housing and a nearly $46 million contract for engineering maintenance services from an unnamed East Coast transportation company.

Parsons pulled off another strategic coup with the acquisition of BlackSignal Technologies for $200 million. This move is expected to significantly strengthen the company’s capabilities in cyber operations and electronic warfare. Parsons was also selected as lead designer for the Tutor Perini Corporation’s $1.66 billion rail project in Honolulu.

Reputable financial analysis houses such as KeyBanc and Benchmark have raised their price targets for Parsons Corporation to $99 and $101, respectively. This re-rating reflects increased expectations for the company’s future earnings and growth potential. The adjustments come after a series of investor meetings in which Parsons management provided insights into various strategic business aspects.

Recent developments suggest that Parsons’ participation in the Infrastructure Investment & Jobs Act will create a more stable long-term foundation for company projects. Given the strong performance and a promising contract pipeline, the company has revised its financial guidance upward for 2024. The current backlog amounts to $8.8 billion, supplemented by recently won contracts totaling $13 billion.

This translation was generated using artificial intelligence. For more information, please see our Terms of Use.