Primoris Services (NASDAQ:PRIM – Get Free Report) released 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. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.38 billion. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. Primoris Services’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. 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 Stock Performance
NASDAQ PRIM traded up $2.36 during trading hours on Thursday, reaching $50.16. 1,141,075 shares of the company were exchanged, compared to its average volume of 502,911. The stock has a market capitalization of $2.69 billion, a P/E ratio of 21.26 and a beta of 1.14. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. Primoris Services has a 1 year low of $23.70 and a 1 year high of $52.75. The business’s 50 day simple moving average is $43.41 and its 200-day simple moving average is $36.65.
Primoris Services Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.48%. Primoris Services’s dividend payout ratio is currently 10.34%.
Insider Buying and Selling at Primoris Services
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the company. StockNews.com cut Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. The Goldman Sachs Group increased their price objective on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. DA Davidson lifted their target price on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, UBS Group upped 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.
Get Our Latest Analysis on PRIM
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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