Thursday, June 18, 2020
Orion Group Holdings (ORN)
Added Marine Awards and Compelling Risk/Reward Profile.
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.
New Marine awards of $17 million are positive. Two new dredging contracts were awarded for work in Corpus Christi. The first award of ~$10 million was competitively bid to the US Army Corps of Engineers (USACE) for dredging of a section of the Corpus Christi Ship Channel. The other project involves $7 million of dredging work at a marine terminal for a private client. Work on both projects is scheduled for completion in 1Q2021.
Risks to existing projects is moderating. Despite moves, like adopting preventative measures to curb the spread of COVID-19 in Seattle, work continues on the Terminal 5 upgrade and the Fairview Avenue North bridge replacement. The solid rebound in crude oil prices also…
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