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

Primoris Services (NASDAQ:PRIMGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.39-$2.59 for the period. The company issued revenue guidance of -.

Primoris Services Price Performance

NASDAQ:PRIM opened at $22.46 on Wednesday. Primoris Services has a one year low of $20.34 and a one year high of $29.38. The company has a market cap of $1.20 billion, a P/E ratio of 9.98 and a beta of 1.06. The firm’s fifty day moving average price is $22.37 and its two-hundred day moving average price is $24.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.48 and a quick ratio of 1.48.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.24 annualized dividend and a dividend yield of 1.07%. Primoris Services’s dividend payout ratio is currently 10.67%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. DA Davidson decreased their price target on shares of Primoris Services to $27.00 in a research note on Monday. TheStreet downgraded shares of Primoris Services from a b- rating to a c+ rating in a research note on Friday, June 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $28.00.

Hedge Funds Weigh In On Primoris Services

Several institutional investors and hedge funds have recently modified their holdings of PRIM. First Republic Investment Management Inc. grew its stake in Primoris Services by 5.1% during the second quarter. First Republic Investment Management Inc. now owns 11,585 shares of the construction company’s stock worth $252,000 after buying an additional 562 shares in the last quarter. Natixis Advisors L.P. acquired a new stake in Primoris Services during the second quarter worth about $280,000. Verition Fund Management LLC acquired a new stake in Primoris Services during the first quarter worth about $298,000. PNC Financial Services Group Inc. grew its stake in Primoris Services by 44.4% during the first quarter. PNC Financial Services Group Inc. now owns 12,568 shares of the construction company’s stock worth $299,000 after buying an additional 3,862 shares in the last quarter. Finally, Raymond James & Associates grew its stake in Primoris Services by 9.1% during the first quarter. Raymond James & Associates now owns 16,172 shares of the construction company’s stock worth $385,000 after buying an additional 1,345 shares in the last quarter. 88.35% of the stock is currently owned by institutional investors and hedge funds.

About Primoris Services

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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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Earnings History and Estimates for Primoris Services (NASDAQ:PRIM)

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