Primoris Services (NASDAQ:PRIM) Releases Earnings Results, Beats Expectations By $0.39 EPS

Primoris Services (NASDAQ:PRIM) announced its quarterly earnings data on Wednesday. The construction company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.39, Briefing.com reports. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the company earned $0.18 earnings per share. Primoris Services’s revenue was up 12.4% compared to the same quarter last year. Primoris Services updated its FY24 guidance to $3.05-3.25 EPS and its FY 2024 guidance to 3.050-3.250 EPS.

Primoris Services Price Performance

Shares of PRIM traded up $2.36 during midday trading on Thursday, hitting $50.16. 1,141,075 shares of the company traded hands, compared to its average volume of 502,911. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41. Primoris Services has a 52 week low of $23.70 and a 52 week high of $52.75. The firm has a 50 day moving average of $43.41 and a 200-day moving average of $36.65. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 21.26 and a beta of 1.14.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend was Wednesday, March 27th. Primoris Services’s dividend payout ratio (DPR) is presently 10.34%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. DA Davidson increased their price objective on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, April 4th. The Goldman Sachs Group boosted their price target on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. StockNews.com downgraded Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. Finally, UBS Group boosted their price target on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, April 5th.

Insider Activity at Primoris Services

In other news, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the transaction, the chief accounting officer now directly owns 9,068 shares in the company, valued at $362,720. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the completion of the transaction, the director now owns 217,281 shares in the company, valued at approximately $8,975,878.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the transaction, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at approximately $362,720. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,000 shares of company stock valued at $2,040,125. Insiders own 1.30% of the company’s stock.

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.