Movers and SHAKERS
Orion Group Holdings (ORN)
New Concrete awards positive - Asset sales look likely
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.
Three concrete awards of $52 million reflect a positive signal from 3Q2020 low bids pending award. The contracts for concrete and paving services on the construction of large distribution centers; two near Houston and one in the Dallas-Fort Worth (DFW) area. The Houston projects total $38 million, or one for $21 million and another for $17 million, and the DFW project totals $14 million. Work will begin shortly with completion in 1H2021.
Industry fundamentals remain positive despite state level concerns about COVID-19. 3Q2020 backlog dropped to $429 million, but total low bids pending award increased versus 2Q2020. Including total low bids pending award of $108 million, potential backlog approximates $537 million. Including low bids pending award of $49 million in Marine and $59 million in Concrete, potential backlog equals $291 ...
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.