Primoris Services (NASDAQ:PRIM) Releases FY24 Earnings Guidance

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

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded up $0.75 during midday trading on Monday, hitting $64.34. 948,217 shares of the company’s stock traded hands, compared to its average volume of 559,692. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 22.39 and a beta of 1.05. The firm has a fifty day moving average of $58.02 and a 200 day moving average of $53.78. Primoris Services has a 1 year low of $29.14 and a 1 year high of $64.68. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41.

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PRIM shares. UBS Group raised their target price on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note 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 data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $61.00.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated 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 transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director John P. Schauerman sold 25,000 shares of the firm’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 transaction of $1,351,250.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were 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 a total of 54,391 shares of company stock worth $3,075,454 over the last ninety days. Company insiders own 1.40% of the company’s stock.

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.