Primoris Services (NASDAQ:PRIM) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Primoris Services (NASDAQ:PRIM) announced its earnings results on Monday. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20, Briefing.com reports. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 EPS. Primoris Services updated its FY24 guidance to $3.40-3.55 EPS and its FY 2024 guidance to 3.400-3.550 EPS.

Primoris Services Stock Performance

Shares of PRIM stock traded up $1.96 during mid-day trading on Wednesday, reaching $75.81. The stock had a trading volume of 471,664 shares, compared to its average volume of 566,520. Primoris Services has a one year low of $29.14 and a one year high of $78.26. The firm has a market cap of $4.07 billion, a PE ratio of 17.97 and a beta of 1.05. The firm’s 50 day simple moving average is $58.58 and its 200 day simple moving average is $54.14. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on 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 sale, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other 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 transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the company’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. Over the last ninety days, insiders have sold 54,391 shares of company stock worth $3,075,454. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

PRIM has been the subject of several research analyst reports. UBS Group boosted their price objective on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $61.00.

About Primoris Services

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.