Primoris Services (NASDAQ:PRIM) Updates FY24 Earnings Guidance

Primoris Services (NASDAQ:PRIM) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.05-3.25 for the period, compared to the consensus earnings per share estimate of $3.04. Primoris Services also updated its FY 2024 guidance to 3.050-3.250 EPS.

Primoris Services Stock Performance

PRIM stock traded up $0.13 during trading on Wednesday, reaching $47.80. 1,204,885 shares of the stock were exchanged, compared to its average volume of 494,344. The stock has a 50 day simple moving average of $43.24 and a 200-day simple moving average of $36.57. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. Primoris Services has a twelve month low of $23.70 and a twelve month high of $48.76. The company has a market capitalization of $2.56 billion, a P/E ratio of 20.64 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.21. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The company’s revenue was up 14.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Primoris Services will post 2.61 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.06 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.50%. Primoris Services’s payout ratio is presently 10.34%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. StockNews.com cut Primoris Services from a strong-buy rating to a buy rating in a research note on Thursday, March 7th. DA Davidson lifted their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a buy rating in a research note on Thursday, April 4th. UBS Group increased their target price on shares of Primoris Services from $44.00 to $63.00 and gave the stock a buy rating in a report on Friday, April 5th. Finally, The Goldman Sachs Group boosted their price target on shares of Primoris Services from $38.00 to $43.00 and gave the company a neutral rating in a report on Thursday, April 4th.

Insider Activity at Primoris Services

In other news, CAO Travis L. Stricker sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the transaction, the chief accounting officer now owns 9,068 shares in the company, valued at $362,720. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Primoris Services news, Director David Lee King sold 2,500 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the transaction, the director now owns 29,217 shares in the company, valued at $1,188,839.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Travis L. Stricker sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief accounting officer now directly owns 9,068 shares in the company, valued at approximately $362,720. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,000 shares of company stock valued at $2,040,125. 1.30% of the stock is owned by company insiders.

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.