Primoris Services (NASDAQ:PRIM) Issues FY24 Earnings Guidance

Primoris Services (NASDAQ:PRIM) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $3.40-3.55 for the period, compared to the consensus earnings per share estimate of $3.33. Primoris Services also updated its FY 2024 guidance to 3.400-3.550 EPS.

Primoris Services Price Performance

NASDAQ PRIM traded up $2.70 during trading hours on Thursday, hitting $79.78. The company had a trading volume of 241,950 shares, compared to its average volume of 573,703. 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 firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 25.52 and a beta of 1.05. Primoris Services has a 52 week low of $29.14 and a 52 week high of $79.91. The firm has a 50 day simple moving average of $59.03 and a 200 day simple moving average of $54.30.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the company earned $1.02 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. Equities research analysts expect that Primoris Services will post 3.33 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is presently 7.95%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. UBS Group upped 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. DA Davidson lifted their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group increased their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set 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 assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.25.

Insider Activity at Primoris Services

In other news, insider John M. Perisich sold 4,391 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Primoris Services 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,391 shares of company stock valued at $3,075,454. 1.30% of the stock is owned by corporate insiders.

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.