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

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. UBS Group upped their target price on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded up $7.32 during trading on Tuesday, reaching $71.66. 986,929 shares of the company traded hands, compared to its average volume of 561,689. Primoris Services has a 12-month low of $29.14 and a 12-month high of $71.90. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock has a market cap of $3.85 billion, a P/E ratio of 24.34 and a beta of 1.05. The firm’s fifty day simple moving average is $58.20 and its 200 day simple moving average is $53.93.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. Primoris Services’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. As a group, research analysts anticipate that Primoris Services will post 3.33 earnings per share for the current fiscal year.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John M. Perisich sold 4,391 shares of Primoris Services 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 worth $3,075,454. 1.40% of the stock is owned by company 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.