Primoris Services (NYSE:PRIM) Issues Earnings Results

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

Primoris Services Price Performance

Primoris Services stock traded up $5.87 during mid-day trading on Tuesday, hitting $79.66. The company’s stock had a trading volume of 1,614,859 shares, compared to its average volume of 1,415,013. The stock has a market capitalization of $4.29 billion, a P/E ratio of 31.24 and a beta of 1.44. Primoris Services has a twelve month low of $62.40 and a twelve month high of $205.50. The stock’s fifty day moving average price is $75.20 and its two-hundred day moving average price is $112.89. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Oppenheimer assumed coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They set an “outperform” rating and a $135.00 target price on the stock. Weiss Ratings downgraded shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Roth Capital reiterated a “buy” rating and set a $100.00 price objective on shares of Primoris Services in a research note on Monday, July 20th. Finally, Needham & Company LLC dropped their target price on Primoris Services from $188.00 to $172.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.