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

Primoris Services (NASDAQ:PRIMGet Rating) updated its FY 2022 earnings guidance on Monday. The company provided EPS guidance of $2.49-$2.69 for the period, compared to the consensus EPS estimate of $2.24. The company issued revenue guidance of -.

Shares of NASDAQ:PRIM opened at $22.84 on Monday. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 11.48 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.44 and a quick ratio of 1.56. The business’s 50 day simple moving average is $25.07 and its 200-day simple moving average is $25.21. Primoris Services has a 12 month low of $21.47 and a 12 month high of $34.02.

Primoris Services (NASDAQ:PRIMGet Rating) last posted its 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). The firm had revenue of $784.38 million for the quarter, compared to analysts’ expectations of $799.18 million. Primoris Services had a return on equity of 12.33% and a net margin of 3.12%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.32 earnings per share. On average, equities analysts anticipate that Primoris Services will post 2.59 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $0.24 annualized dividend and a yield of 1.05%. Primoris Services’s dividend payout ratio (DPR) is currently 12.06%.

Several analysts have recently commented on the stock. StockNews.com started coverage on shares of Primoris Services in a research report on Thursday, March 31st. They issued a hold rating on the stock. DA Davidson reiterated a buy rating on shares of Primoris Services in a report on Wednesday, March 2nd. Morgan Stanley cut their price target on Primoris Services from $35.00 to $33.00 and set an overweight rating for the company in a report on Wednesday, March 23rd. Finally, Zacks Investment Research upgraded Primoris Services from a sell rating to a hold rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Primoris Services presently has an average rating of Hold and an average target price of $30.75.

In other Primoris Services news, Director David Lee King sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $26.51, for a total value of $530,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of 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 buying an additional 218,611 shares during the period. Norges Bank purchased a new stake in Primoris Services during the fourth quarter valued at about $5,176,000. Allianz Asset Management GmbH acquired a new stake in Primoris Services during the fourth quarter worth about $1,906,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Primoris Services by 9.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 751,973 shares of the construction company’s stock worth $17,912,000 after purchasing an additional 62,374 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Primoris Services by 19.6% in the 4th quarter. Millennium Management LLC now owns 348,811 shares of the construction company’s stock valued at $8,364,000 after purchasing an additional 57,277 shares in the last quarter. 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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