Primoris Services (NASDAQ:PRIM) Updates FY 2022 Earnings Guidance

Posted by on Jun 6th, 2022

Primoris Services (NASDAQ:PRIM – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $2.49-$2.69 for the period, compared to the consensus estimate of $2.24. The company issued revenue guidance of -.

Several equities research analysts recently weighed in on PRIM shares. DA Davidson reiterated a buy rating on shares of Primoris Services in a research note on Wednesday, March 2nd. Zacks Investment Research raised Primoris Services from a hold rating to a buy rating and set a $26.00 price objective on the stock in a research note on Wednesday, May 25th. StockNews.com initiated coverage on shares of Primoris Services in a research note on Thursday, March 31st. They issued a hold rating on the stock. Finally, Morgan Stanley lowered their target price on shares of Primoris Services from $35.00 to $33.00 and set an overweight rating on the stock in a research note on Wednesday, March 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Primoris Services presently has an average rating of Buy and a consensus price target of $30.25.

Shares of NASDAQ PRIM opened at $24.63 on Monday. The company has a 50 day simple moving average of $24.46 and a 200 day simple moving average of $24.93. Primoris Services has a 1 year low of $21.47 and a 1 year high of $34.02. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market cap of $1.31 billion, a PE ratio of 12.38 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM – Get Rating) last issued its quarterly earnings results on Monday, May 9th. The construction company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Primoris Services had a return on equity of 12.33% and a net margin of 3.12%. The business had revenue of $784.38 million for the quarter, compared to the consensus estimate of $799.18 million. During the same quarter last year, the business posted $0.32 earnings per share. The business’s revenue was down 4.1% compared to the same quarter last year. As a group, research analysts anticipate that Primoris Services will post 2.59 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.97%. The ex-dividend date is Wednesday, June 29th. Primoris Services’s dividend payout ratio is presently 12.06%.

In other Primoris Services news, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $26.51, for a total transaction of $530,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.40% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its position in Primoris Services by 92.5% in the 1st quarter. Invesco Ltd. now owns 2,217,273 shares of the construction company’s stock worth $52,815,000 after purchasing an additional 1,065,317 shares during the period. Wellington Management Group LLP raised its stake in Primoris Services by 26.1% in the first quarter. Wellington Management Group LLP now owns 4,873,880 shares of the construction company’s stock worth $116,096,000 after buying an additional 1,009,809 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Primoris Services by 9.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,609,697 shares of the construction company’s stock valued at $62,165,000 after acquiring an additional 218,611 shares in the last quarter. Norges Bank purchased a new position in shares of Primoris Services in the 4th quarter valued at $5,176,000. Finally, State Street Corp lifted its stake in shares of Primoris Services by 14.4% during the 1st quarter. State Street Corp now owns 1,208,371 shares of the construction company’s stock worth $28,853,000 after purchasing an additional 152,377 shares during the last quarter. Hedge funds and other institutional investors own 88.35% of the company’s stock.

Primoris Services Company Profile (Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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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