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

Primoris Services (NASDAQ:PRIM) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.050-3.250 for the period, compared to the consensus estimate of 2.760. The company issued revenue guidance of -. Primoris Services also updated its FY24 guidance to $3.05-3.25 EPS.

Primoris Services Price Performance

Shares of PRIM stock traded up $0.12 on Wednesday, reaching $47.79. The company’s stock had a trading volume of 1,329,140 shares, compared to its average volume of 494,344. Primoris Services has a 12-month low of $23.70 and a 12-month high of $48.76. The stock’s 50 day simple moving average is $43.24 and its 200-day simple moving average is $36.57. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $2.56 billion, a P/E ratio of 20.60 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.21. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.55 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. Primoris Services’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. As a group, equities analysts predict that Primoris Services will post 2.61 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of recent analyst reports. DA Davidson increased their price target 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. The Goldman Sachs Group upped their price target on Primoris Services from $38.00 to $43.00 and gave the stock a neutral rating in a research note on Thursday, April 4th. UBS Group raised their price objective on Primoris Services from $44.00 to $63.00 and gave the company a buy rating in a research report on Friday, April 5th. Finally, StockNews.com downgraded shares of Primoris Services from a strong-buy rating to a buy rating in a research report on Thursday, March 7th.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares of the company’s stock, valued at approximately $9,635,981.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the sale, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at approximately $362,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the transaction, the director now owns 237,281 shares of the company’s stock, valued at $9,635,981.41. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock worth $2,040,125 in the last three months. Corporate insiders own 1.30% of the company’s stock.

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.