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

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

Analysts Set New Price Targets

Several research firms recently issued reports on PRIM. DA Davidson upped their price target on Primoris Services from $45.00 to $55.00 and gave the company a buy rating in a research report on Thursday, April 4th. The Goldman Sachs Group lifted their target price on Primoris Services from $38.00 to $43.00 and gave the company a neutral rating in a research note on Thursday, April 4th. UBS Group boosted 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 lowered shares of Primoris Services from a strong-buy rating to a buy rating in a research report on Thursday, March 7th.

Primoris Services Price Performance

Shares of PRIM traded up $0.12 during midday trading on Wednesday, reaching $47.79. The stock had a trading volume of 1,329,140 shares, compared to its average volume of 494,344. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $2.56 billion, a P/E ratio of 20.60 and a beta of 1.14. The firm’s 50 day moving average price is $43.24 and its 200-day moving average price is $36.57. Primoris Services has a 52 week low of $23.70 and a 52 week high of $48.76.

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

Primoris Services Announces Dividend

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

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the sale, the director now directly owns 217,281 shares of the company’s stock, valued at $8,975,878.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction dated Thursday, March 7th. The stock was 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 in the company, valued at approximately $362,720. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total transaction of $826,200.00. Following the completion of the sale, the director now directly owns 217,281 shares of the company’s stock, valued at $8,975,878.11. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,000 shares of company stock valued at $2,040,125. Company insiders own 1.30% of the company’s stock.

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.