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

Primoris Services (NASDAQ:PRIM) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 3.400-3.550 for the period, compared to the consensus estimate of 3.330. The company issued revenue guidance of -. Primoris Services also updated its FY24 guidance to $3.40-3.55 EPS.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. UBS Group raised their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. assumed 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 for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded up $0.75 during trading on Monday, hitting $64.34. 936,920 shares of the company were exchanged, compared to its average volume of 559,692. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 22.65 and a beta of 1.05. Primoris Services has a 1 year low of $29.14 and a 1 year high of $64.68. The firm’s fifty day moving average price is $58.02 and its 200 day moving average price is $53.78. 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 announced 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 net margin of 2.56% and a return on equity of 14.81%. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $0.80 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Primoris Services will post 3.33 earnings per share for the current fiscal year.

Insider Activity

In other news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the company’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 value of $1,481,250.00. Following the completion of the transaction, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock valued at $3,075,454 in the last 90 days. 1.40% of the stock is currently owned by 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.