Primoris Services (NYSE:PRIM) Issues Earnings Results, Beats Expectations By $0.39 EPS

Primoris Services (NYSE:PRIM) announced its quarterly earnings data on Tuesday. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.39, FiscalAI reports. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.

Primoris Services Price Performance

PRIM stock traded up $5.87 during midday trading on Tuesday, hitting $79.66. 1,614,859 shares of the stock were exchanged, compared to its average volume of 1,415,013. The stock’s 50-day moving average price is $75.20 and its 200-day moving average price is $112.89. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 31.24 and a beta of 1.44. Primoris Services has a fifty-two week low of $62.40 and a fifty-two week high of $205.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PRIM shares. Guggenheim decreased their target price on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Oppenheimer initiated coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They set an “outperform” rating and a $135.00 price target on the stock. Roth Capital reiterated a “buy” rating and issued a $100.00 price target on shares of Primoris Services in a report on Monday, July 20th. Weiss Ratings cut shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Finally, Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $123.47.

Primoris Services Company Profile

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.