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Orion Group Holdings (ORN) – High Bidding Activity Finally Delivers Large Awards

Industrials
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Thursday, September 30, 2021

Orion Group Holdings (ORN)
High Bidding Activity Finally Delivers Large Awards

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Two large Marine awards of ~$192 million announced. High bidding activity finally delivers large multi-year work. The Florida Department of Transportation (FDOT) awarded a contract of ~$125 million for bridge replacement work. Also, the Port of Port Arthur (TX) awarded a ~$67 million contract to construct the Berth 6 Expansion Project. Work on both projects should start in 4Q2021 and run into late 2023.

    Recent low bids pending award turn into final awards of $22 million, with options that could add $19 million of work.  As highlighted in our two most recent notes, low bids pending award exceeding $40 million implied that awards were imminent. After the close on Wednesday, three Marine projects total of ~$22 million were awarded, with options of ~$19 million. All of the work should start in 4Q2021 …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

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