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 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.

Analysts Set New Price Targets

A number of analysts have recently commented on PRIM shares. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. UBS Group boosted their target price on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Primoris Services Stock Up 1.2 %

Shares of NASDAQ:PRIM traded up $0.75 during trading on Monday, reaching $64.34. 948,217 shares of the stock were exchanged, compared to its average volume of 559,692. Primoris Services has a 1-year low of $29.14 and a 1-year high of $64.68. The stock has a fifty day moving average of $58.02 and a two-hundred day moving average of $53.78. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 22.39 and a beta of 1.05. 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 (NASDAQ:PRIM) last issued 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. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the business posted $0.80 EPS. Primoris Services’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Primoris Services will post 3.33 earnings per share for the current fiscal year.

Insider Activity

In related 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 sale, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related 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 completion of the transaction, the director now owns 137,281 shares in the company, valued at $8,133,899.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John M. Perisich sold 4,391 shares of Primoris Services 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 have sold 54,391 shares of company stock valued at $3,075,454 in the last ninety days. 1.40% of the stock is currently owned by company 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.