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. The Pipeline Services segment offers a range of services comprising pipeline construction, maintenance, facility, and integrity services; installation of compressor and pump stations; and metering facilities for entities in the petroleum and petrochemical industries, as well as gas, water, and sewer utilities. The company was founded in 1960 and is headquartered in Dallas, Texas.
Analysts Set New Price Targets
Separately, TheStreet cut 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 assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Primoris Services presently has an average rating of "Hold" and an average price target of $28.50.
Primoris Services Stock Up 2.8 %
PRIM Stock traded up $0.61 during trading on Friday, reaching $22.05. The stock had a trading volume of 470,392 shares, compared to its average volume of 269,914. The firm has a fifty day moving average price of $22.53 and a 200 day moving average price of $24.22. The company has a market capitalization of $1.17 billion, a P/E ratio of 9.80 and a beta of 1.06. Primoris Services has a 1-year low of $20.34 and a 1-year high of $29.38. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.62.
Primoris Services (NASDAQ:PRIM - Get Rating) last posted its earnings results on Monday, May 9th. The construction company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). Primoris Services had a return on equity of 10.96% and a net margin of 3.38%. The firm had revenue of $784.38 million during the quarter, compared to the consensus estimate of $799.18 million. During the same quarter last year, the company posted $0.32 EPS. Primoris Services's revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities analysts anticipate that Primoris Services will post 2.49 earnings per share for the current year.
Primoris Services Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Thursday, September 29th. Primoris Services's dividend payout ratio is currently 10.67%.