Primoris Services Corporation (NASDAQ:PRIM) Updates FY17 Earnings Guidance
Primoris Services Corporation (NASDAQ:PRIM) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.05-1.25 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.15.
Shares of Primoris Services Corporation (NASDAQ PRIM) opened at 24.92 on Tuesday. The firm has a market cap of $1.28 billion, a P/E ratio of 40.85 and a beta of 1.58. Primoris Services Corporation has a 52-week low of $16.13 and a 52-week high of $29.19. The firm’s 50-day moving average is $24.78 and its 200-day moving average is $24.04.
Primoris Services Corporation (NASDAQ:PRIM) last announced its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. The business had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $582.82 million. Primoris Services Corporation had a return on equity of 8.15% and a net margin of 1.49%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.10 EPS. Analysts anticipate that Primoris Services Corporation will post $1.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a $0.055 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.22 dividend on an annualized basis and a yield of 0.88%. Primoris Services Corporation’s dividend payout ratio (DPR) is currently 35.48%.
PRIM has been the topic of a number of analyst reports. BidaskClub raised Primoris Services Corporation from a sell rating to a hold rating in a research note on Thursday, June 29th. Zacks Investment Research raised Primoris Services Corporation from a hold rating to a buy rating and set a $28.00 price target on the stock in a research note on Saturday, July 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $26.00.
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About Primoris Services Corporation
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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