Primoris Services (PRIM) to Release Quarterly Earnings on Wednesday

Primoris Services (NASDAQ:PRIM) is scheduled to be releasing its earnings data after the market closes on Wednesday, May 8th. Analysts expect the company to announce earnings of $0.08 per share for the quarter. Primoris Services has set its FY24 guidance at $3.05-3.25 EPS.Individual interested in participating in the company’s earnings conference call can do so using this link.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.21. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.55 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.93 EPS. On average, analysts expect Primoris Services to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $47.85 on Tuesday. Primoris Services has a 52 week low of $23.70 and a 52 week high of $48.76. The company has a fifty day simple moving average of $43.04 and a two-hundred day simple moving average of $36.45. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 20.63 and a beta of 1.14.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.50%. Primoris Services’s payout ratio is 10.34%.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the transaction, the director now owns 237,281 shares in the company, valued at approximately $9,635,981.41. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares of the company’s stock, valued at approximately $9,635,981.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the transaction, the director now owns 29,217 shares in the company, valued at approximately $1,188,839.73. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,000 shares of company stock valued at $2,040,125. 1.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of analyst reports. UBS Group increased their price target on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, April 5th. StockNews.com downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. The Goldman Sachs Group raised their price objective on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, DA Davidson boosted their target price on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th.

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.