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

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

Primoris Services Stock Performance

Shares of Primoris Services stock traded up $2.08 on Wednesday, hitting $75.93. 1,218,380 shares of the company’s stock were exchanged, compared to its average volume of 569,993. Primoris Services has a 1 year low of $29.14 and a 1 year high of $78.26. The company has a 50-day simple moving average of $58.58 and a 200-day simple moving average of $54.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market capitalization of $4.08 billion, a PE ratio of 25.09 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 earnings per share. As a group, equities analysts anticipate that Primoris Services will post 3.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PRIM shares. UBS Group increased their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. Finally, The Goldman Sachs Group raised their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.75.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the 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 of the company’s stock, 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. In other news, 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 transaction of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares of the company’s stock, valued at $8,133,899.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,391 shares of company stock valued at $3,075,454. 1.30% of the stock is currently owned by corporate 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.