Primoris Services (NASDAQ:PRIM) Releases FY 2024 Earnings Guidance

Primoris Services (NASDAQ:PRIM - Get Free Report) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 3.400-3.550 for the period, compared to the consensus estimate of 3.330. The company issued revenue guidance of -. Primoris Services also updated its FY24 guidance to $3.40-3.55 EPS.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $0.75 during midday trading on Monday, reaching $64.34. 948,217 shares of the company's stock traded hands, compared to its average volume of 559,692. The company has a fifty day simple moving average of $58.02 and a two-hundred day simple moving average of $53.78. Primoris Services has a 1 year low of $29.14 and a 1 year high of $64.68. The company has a market cap of $3.45 billion, a P/E ratio of 22.39 and a beta of 1.05. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the business earned $0.80 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts predict that Primoris Services will post 3.33 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the company's 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 completion of the sale, the director now owns 162,281 shares of the company's stock, valued at approximately $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company's 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 transaction, the director now owns 162,281 shares of the company's stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John M. Perisich sold 4,391 shares of the stock in a transaction that occurred on 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 90 days, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is currently owned by insiders.

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.

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