Primoris Services Corporation (NYSE:PRIM) to Issue $0.08 Quarterly Dividend

Key Points

• Primoris Services declared a quarterly dividend of $0.08 per share, payable October 15 to shareholders of record September 30. The dividend equates to $0.32 annually and a yield of approximately 0.4%.
• The company’s quarterly loss of $0.27 per share was better than analysts’ expected loss of $0.35, though revenue fell 10.7% year over year to $1.69 billion. Its dividend remains well covered, with a payout ratio of 6.4%.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $137.47, substantially above the reported share price of $90.90.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) declared a quarterly dividend on Tuesday, August 4th. Investors of record on Wednesday, September 30th will be given a dividend of 0.08 per share on Thursday, October 15th. This represents a c) annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, September 30th.

Primoris Services has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 1 years. Primoris Services has a dividend payout ratio of 6.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $4.89 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 6.5%.

Primoris Services Trading Up 3.5%

Shares of PRIM opened at $90.90 on Wednesday. Primoris Services has a 1-year low of $65.00 and a 1-year high of $205.50. The company has a 50-day moving average of $97.56 and a 200 day moving average of $129.56. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of 20.02 and a beta of 1.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping analysts' consensus estimates of ($0.35) by $0.08. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company's revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 EPS. On average, research analysts expect that Primoris Services will post 1.87 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PRIM shares. Oppenheimer initiated coverage on Primoris Services in a report on Tuesday, July 7th. They issued an "outperform" rating and a $135.00 price target for the company. UBS Group reduced their price objective on Primoris Services from $212.00 to $186.00 and set a "buy" rating on the stock in a report on Monday, May 11th. The Goldman Sachs Group raised Primoris Services from a "sell" rating to a "neutral" rating and decreased their target price for the company from $107.00 to $102.00 in a research report on Thursday, June 25th. KeyCorp reiterated a "sector weight" rating on shares of Primoris Services in a report on Tuesday, June 23rd. Finally, Mizuho lowered their target price on Primoris Services from $135.00 to $117.00 and set an "outperform" rating for the company in a report on Tuesday, June 23rd. Eleven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $137.47.

About Primoris Services

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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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