Movers and SHAKERS
Orion Group Holdings (ORN)
Weather Impact is Bad News, But Normal 2022 is Good News
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.
Backlog should continue to rebound with recent low bids. High bidding activity portends additional awards. 2Q2021 backlog of $394 million rebounded from $365 million in 1Q2021 due to higher Marine backlog of $170 million and Concrete backlog of $224 million. Recent low bids pending awards exceed $40 million. More good news should be on the horizon and high bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends additional award announcements.
Updating 2021 EBITDA estimate following lingering weather impact. We are lowering our 2021 EBITDA estimate to $31.4 million from $43.2 million to reflect the lingering impact of poor weather. In addition to tough comps versus last year, poor weather likely has had a dampening impact on operating results. While Marine results should pick up and Concrete represents upside potential, we are taking a ...
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.