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

Primoris Services (NASDAQ:PRIM - Get Free Report) released 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 net margin of 2.56% and a return on equity of 14.81%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the firm earned $1.02 EPS. The company's 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 Stock Performance

Shares of NASDAQ PRIM traded up $9.81 during mid-day trading on Tuesday, hitting $74.15. The company had a trading volume of 2,115,616 shares, compared to its average volume of 566,591. Primoris Services has a 12 month low of $29.14 and a 12 month high of $73.90. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 24.34 and a beta of 1.05. 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 simple moving average is $58.20 and its two-hundred day simple moving average is $53.93.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now owns 162,281 shares of the company's stock, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John P. Schauerman sold 25,000 shares of the 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 transaction, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock worth $3,075,454 in the last three months. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on PRIM shares. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They set an "overweight" rating and a $71.00 target price on the stock. UBS Group lifted their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $61.00.

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.