Primoris Services (NASDAQ:PRIM) Issues Earnings Results

Primoris Services (NASDAQ:PRIM) issued its quarterly earnings results on Wednesday. The construction company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39, Briefing.com reports. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Primoris Services updated its FY24 guidance to $3.05-3.25 EPS and its FY 2024 guidance to 3.050-3.250 EPS.

Primoris Services Stock Performance

Shares of PRIM traded up $2.39 during mid-day trading on Thursday, reaching $50.19. 1,141,070 shares of the company’s stock traded hands, compared to its average volume of 502,911. Primoris Services has a 12 month low of $23.70 and a 12 month high of $52.75. The stock has a market capitalization of $2.69 billion, a P/E ratio of 21.26 and a beta of 1.14. The business’s 50-day moving average price is $43.41 and its 200-day moving average price is $36.65. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, March 27th. Primoris Services’s payout ratio is 10.34%.

Wall Street Analyst Weigh In

PRIM has been the topic of several analyst reports. The Goldman Sachs Group raised their price objective on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th. StockNews.com downgraded Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. UBS Group lifted their price target on shares of Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, DA Davidson boosted their price target on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th.

Insider Buying and Selling at Primoris Services

In other news, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at $362,720. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $40.61, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $362,720. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $2,040,125 in the last quarter. 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.