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

Primoris Services (NASDAQ:PRIM) announced its earnings results on Monday. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20, Briefing.com reports. The business 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 15.53% and a net margin of 2.68%. Primoris Services’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 earnings per share. 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 Stock Performance

Shares of NASDAQ PRIM traded up $2.66 during trading hours on Thursday, hitting $79.74. 203,805 shares of the company’s stock were exchanged, compared to its average volume of 573,527. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 25.52 and a beta of 1.05. The company’s 50-day moving average price is $59.03 and its 200-day moving average price is $54.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services has a 1-year low of $29.14 and a 1-year high of $79.86.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PRIM shares. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday. UBS Group raised their target price on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, DA Davidson upped their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.25.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’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 owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John P. Schauerman sold 25,000 shares of the firm’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 transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John M. Perisich sold 4,391 shares of the 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 disclosure for this sale can be found here. Over the last three months, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.30% 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.