Primoris Services (NASDAQ:PRIM) Issues 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 Stock Performance

PRIM stock traded up $0.75 during midday trading on Monday, reaching $64.34. 936,933 shares of the company’s stock traded hands, compared to its average volume of 559,639. The stock’s 50-day moving average is $58.02 and its 200 day moving average is $53.78. The stock has a market cap of $3.45 billion, a P/E ratio of 22.39 and a beta of 1.05. Primoris Services has a 52-week low of $29.14 and a 52-week high of $64.68. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. Primoris Services’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 earnings per share. As a group, analysts anticipate that Primoris Services will post 3.33 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on PRIM. UBS Group lifted their target price 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. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the transaction, the director now owns 137,281 shares in the company, valued at $8,133,899.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,391 shares of company stock worth $3,075,454. Corporate insiders own 1.40% of the company’s stock.

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.