Primoris Services (NASDAQ:PRIM) Releases FY 2024 Earnings Guidance

Primoris Services (NASDAQ:PRIM) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 3.400-3.550 for the period, compared to the consensus EPS estimate of 3.330. The company issued revenue guidance of -. Primoris Services also updated its FY24 guidance to $3.40-3.55 EPS.

Primoris Services Trading Up 2.8 %

NASDAQ:PRIM traded up $2.08 during mid-day trading on Wednesday, hitting $75.93. 1,218,380 shares of the stock traded hands, compared to its average volume of 569,993. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 25.09 and a beta of 1.05. Primoris Services has a 52 week low of $29.14 and a 52 week high of $78.26. The firm’s 50 day moving average is $58.58 and its two-hundred day moving average is $54.14.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group upped their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, UBS Group raised their target price on shares of Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus target price of $69.75.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the sale, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction on 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. Insiders sold 54,391 shares of company stock worth $3,075,454 over the last three months. 1.30% of the stock is owned by corporate 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.