Primoris Services (NASDAQ:PRIM) Releases FY24 Earnings Guidance

Primoris Services (NASDAQ:PRIM) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $3.40-3.55 for the period, compared to the consensus EPS estimate of $3.33. Primoris Services also updated its FY 2024 guidance to 3.400-3.550 EPS.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRIM. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. UBS Group upped their price target on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and an average price target of $77.25.

Primoris Services Trading Up 3.5 %

NASDAQ PRIM traded up $2.70 during trading hours on Thursday, reaching $79.78. The company’s stock had a trading volume of 241,950 shares, compared to its average volume of 573,703. The firm has a fifty day simple moving average of $59.03 and a 200-day simple moving average of $54.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services has a 52 week low of $29.14 and a 52 week high of $79.91. The stock has a market cap of $4.28 billion, a P/E ratio of 25.52 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the firm earned $1.02 earnings per share. Primoris Services’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts forecast that Primoris Services will post 3.33 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 7.95%.

Insider Transactions at Primoris Services

In related news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock valued at $3,075,454 over the last ninety days. 1.30% of the stock is currently owned by insiders.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.