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

Primoris Services (NASDAQ:PRIM) issued an update on its FY 2024 earnings guidance on Monday morning. 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 Price Performance

NASDAQ PRIM traded up $7.32 during trading hours on Tuesday, hitting $71.66. 986,929 shares of the company’s stock traded hands, compared to its average volume of 561,689. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The firm’s 50-day moving average is $58.20 and its 200-day moving average is $53.93. Primoris Services has a 52-week low of $29.14 and a 52-week high of $71.90. The company has a market capitalization of $3.85 billion, a PE ratio of 24.34 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts forecast that Primoris Services will post 3.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several analyst reports. UBS Group lifted their price target on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

Insider Activity

In other Primoris Services 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 transaction of $242,954.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is currently 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.