Thursday, September 23, 2021
Orion Group Holdings (ORN)
Marine and Concrete Awards Bolster Backlog
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.
Work for $61 million awarded, including first Concrete work in Florida. Marine awards of $35 million include four contracts in Houston, New Orleans and Alaska. Concrete awards of $26 million include six contracts in Houston, Dallas, Austin and Daytona. Small Daytona project is first foray outside of Texas and represents entry into attractive Florida market.
New awards boost backlog and high bidding activity portends added awards. New awards do not include low bids pending award exceeding $40 million as were highlighted in our September 20th research note, so more good news should be on the horizon. High bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends added award announcements …
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.
