Thursday, May 20, 2021

Orion Group Holdings (ORN)
New Awards and Progress on Tampa Yard Sale

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 awards for ~$38 million. An award of $28.5 million was announced to demo and construct a habitat for salmon in Washington. Work should run into 2Q2023. Another smaller award of ~$9 million was announced for design work and construction of a private marine facility near Tampa. Work should run into mid-2022.


Maintaining 2021 EBITDA estimate of $47.0 million, including asset sales of $1.6 million.  There are tough comps ahead, but Marine results should pick up over rest of year and Concrete represents upside potential. 1Q2021 backlog of $365 million dropped due to lower Marine and Concrete backlogs, but low bids pending award of $134 million increased $38 million so potential backlog remains high at …

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.