Primoris Services Corp (NYSE: PRIM) has reported earnings for its first fiscal quarter (ending March 31) of $0.35 versus $0.02 for the same period a year ago — an increase of 1650%. This performance was $0.06 better than the consensus estimate of $0.29. E.P.S. were $2.69 for the latest four quarters through March 31 versus $2.55 for the same period a year ago — an increase of 5%.
Recent Price Action
Primoris Services Corp (NYSE: PRIM) stock closed at $47.80 on 5/8/24 after a slight gain of 0.3%. Moreover, trading volume in this advance was exceptionally high at 241% of normal. The stock has risen 2.6% during the last week and has been exceptionally strong relative to the market over the last nine months.
Current PriceTarget Research Rating
PRIM is expected to continue to be a Value Builder reflecting capital returns that are forecasted to be above the cost of capital.
Primoris Services has a current Value Trend Rating of A (Highest Rating). With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing complementary signals. Primoris Services has a slightly positive Appreciation Score of 64 and a very high Power Rating of 86, resulting in the Highest Value Trend Rating.
Rating Review
In light of this encouraging new earnings information and positive market action we are reviewing our current Overall Rating of A. We would continue to view the shares with optimism pending completion of this review in the next several days.
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