Thursday, October 14, 2021
Great Lakes Dredge & Dock (GLDD)
Another Large Award Out in Houston
Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Large Houston award to be final shortly. On Tuesday, the Port Commission of the Port of Houston Authority held a special meeting and awarded the first dredging contract of up to $95.4 million for Project 11, a multi-billion dollar expansion and deepening of the Houston Ship Channel. The work involves dredging 11.5 miles of the 52-mile channel and widening a major portion of the Galveston Bay reach. The base award and value of the options were not disclosed and a press release will be out once the award is finalized. If not finalized by the quarterly call, the pending award will be added to the low bids pending award total.
Another low bid was out last week. GLDD was low bidder at $29.4 million when bids on South Atlantic Regional Harbor Dredging (W912PM21B0008) were opened last week. As described in our last research report, the project, which includes work at five harbors along the east coast, is attractive since it fits environmental windows and hopper dredge availability …
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.
