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Primoris Services (PRIM) Moves 4.4% Higher: Will This Strength Last?
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Primoris Services (PRIM - Free Report) shares soared 4.4% in the last trading session to close at $164.81. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.3% gain over the past four weeks.
The rally was likely driven by continued momentum in infrastructure and industrial stocks, along with optimism surrounding the company’s earnings outlook.
This construction contractor is expected to post quarterly earnings of $0.87 per share in its upcoming report, which represents a year-over-year change of -11.2%. Revenues are expected to be $1.73 billion, up 5.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Primoris Services, the consensus EPS estimate for the quarter has been revised 2.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PRIM going forward to see if this recent jump can turn into more strength down the road.
Primoris Services belongs to the Zacks Building Products - Heavy Construction industry. Another stock from the same industry, MasTec (MTZ - Free Report) , closed the last trading session 3.6% higher at $370.89. Over the past month, MTZ has returned 14.5%.
MasTec's consensus EPS estimate for the upcoming report has changed +6.2% over the past month to $0.98. Compared to the company's year-ago EPS, this represents a change of +92.2%. MasTec currently boasts a Zacks Rank of #3 (Hold).
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Primoris Services (PRIM) Moves 4.4% Higher: Will This Strength Last?
Primoris Services (PRIM - Free Report) shares soared 4.4% in the last trading session to close at $164.81. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.3% gain over the past four weeks.
The rally was likely driven by continued momentum in infrastructure and industrial stocks, along with optimism surrounding the company’s earnings outlook.
This construction contractor is expected to post quarterly earnings of $0.87 per share in its upcoming report, which represents a year-over-year change of -11.2%. Revenues are expected to be $1.73 billion, up 5.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Primoris Services, the consensus EPS estimate for the quarter has been revised 2.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PRIM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Primoris Services belongs to the Zacks Building Products - Heavy Construction industry. Another stock from the same industry, MasTec (MTZ - Free Report) , closed the last trading session 3.6% higher at $370.89. Over the past month, MTZ has returned 14.5%.
MasTec's consensus EPS estimate for the upcoming report has changed +6.2% over the past month to $0.98. Compared to the company's year-ago EPS, this represents a change of +92.2%. MasTec currently boasts a Zacks Rank of #3 (Hold).