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

Primoris Services (NASDAQ:PRIM) posted its quarterly earnings results on Monday. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20, Briefing.com reports. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. Primoris Services’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous 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 Up 1.2 %

Shares of NASDAQ PRIM opened at $64.34 on Tuesday. 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 business’s 50 day moving average is $58.20 and its two-hundred day moving average is $53.93. Primoris Services has a 52-week low of $29.14 and a 52-week high of $64.68. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 22.65 and a beta of 1.05.

Insider Activity

In related news, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 shares were 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 SEC, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the transaction, the director now directly owns 137,281 shares of the company’s stock, valued at $8,133,899.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. UBS Group increased their price objective on Primoris Services from $69.00 to $75.00 and gave the stock 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 company’s stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average target price of $61.00.

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.