Primoris Services (NASDAQ:PRIM) Posts Earnings Results, Beats Expectations By $0.20 EPS

Primoris Services (NASDAQ:PRIM) announced its earnings results on Monday. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20, Briefing.com reports. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company posted $1.02 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. Primoris Services updated its FY24 guidance to $3.40-3.55 EPS and its FY 2024 guidance to 3.400-3.550 EPS.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $3.23 on Wednesday, hitting $77.08. 2,242,775 shares of the company were exchanged, compared to its average volume of 574,758. Primoris Services has a 1-year low of $29.14 and a 1-year high of $78.53. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 25.01 and a beta of 1.05. The company has a 50-day moving average price of $58.58 and a 200 day moving average price of $54.14.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,391 shares of company stock worth $3,075,454. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PRIM has been the topic of several recent analyst reports. UBS Group increased their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. initiated coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. Finally, DA Davidson lifted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.25.

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.