ORN stock exploded +18% higher in after-hours trading on September 29, 2021, after the company announced that it has received $192 million in contracts.
ORN Stock Surges On Nearly $200 Million In Contracts!
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced two contract awards for its Marine segment totaling nearly $200 million.
The Company has been awarded a contract valued at approximately $125 million from the Florida Department of Transportation (FDOT) to replace the State Road 405 Indian River Bridge over the NASA Causeway near Cape Canaveral, Florida. This bridge provides the main access to Kennedy Space Center and Cape Canaveral Space Force Center. The work is expected to commence during the fourth quarter of 2021 and be completed in the fourth quarter of 2024.
In addition, the Company has been awarded a contract valued at approximately $67 million from the Port of Port Arthur to construct the Berth 6 Expansion Project in Port Arthur, Texas, that will allow for significant additional berthing capacity at the Port. The project is expected to commence in the fourth quarter of 2021 and be completed in the third quarter of 2024.
“Orion has a strong track record of helping modernize and upgrade critical infrastructure,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “The NASA Causeway project marks our fourth bridge project to be awarded recently, and along with the Berth 6 Expansion, not only provides significant backlog to our Marine segment, but reaffirms Orion as a leading contractor for building and rebuilding our nation’s infrastructure.”
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.
Orion Group Holdings, Inc. Announces Contract Awards of Approximately $22 Million; Value Could Increase
On September 28, 2021, Orion Group Holdings, Inc. (NYSE: ORN) announced three contract awards totaling approximately $22 million.
The Company’s Marine segment has been awarded three contracts valued at a combined $22 million to perform dredging services for the US Army Corps of Engineers (USACE) in waterways along the gulf coast, with the potential for the contract value on one award to increase by up to $19 million.
Two of these contracts were recently awarded by the USACE’s Galveston District for dredging work on the Texas coast. The first award valued at $8.8 million calls for the removal of up to two million cubic yards of maintenance material along the Gulf Intracoastal Waterway between Corpus Christi and Port Isabel. The second award, located in the Sabine Neches Waterway in Jefferson County, Texas, is valued at a base amount of $9.5 million for the dredging of 2.1 million cubic yards of material. If the USACE exercises all options for additional scope of work, the total value for this contract could grow to over $28 million.
The third award is a $3.5 million contract from the USACE’s Jacksonville District to dredge maintenance material from the upper channels in Tampa Harbor, in Tampa, Florida. Work on all three projects is expected to commence during the fourth quarter of 2021, with completion expected late next year.
“Maintaining our nation’s waterways is critical to the economy of our country and being able to continue to support the US Army Corps of Engineers in executing their mission is equally critical to Orion,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “We have several ongoing projects for the US Army Corps of Engineers and the addition of these projects adds to the growing backlog in our marine business.”
Orion Group Holdings, Inc. Announces Contract Awards of Approximately $26 Million
On September 22, 2021, Orion Group Holdings, Inc. (NYSE: ORN) announced six contract awards in its key markets for its Concrete segment totaling approximately $26 million.
The Company was recently awarded two contracts in the Houston, Texas, area including an $8 million contract for the construction of a building as part of a new industrial park and a $9 million contract for the construction of four tilt-wall buildings in a new distribution center. Both projects are expected to commence construction in the fourth quarter of 2021 and be completed before year end 2022.
The Company also has been awarded a contract valued at $3.2 million to construct three buildings for a new school in its Dallas market and two contracts valued at over $4 million to build new townhome facilities in Austin, Texas. All three projects are expected to begin construction during the fourth quarter of 2021 and be completed in the second quarter of 2022.
In addition, the Company was awarded a $2.1 million contract to construct a single-story tilt-wall building with associated site work in Daytona, Florida, marking the first project for the Company’s Concrete segment outside of Texas. The project is expected to begin in the fourth quarter of 2021 and be complete by the end of the first quarter of 2022.
“The capture of work in Florida is of significant importance as it represents a key first step in our strategic plan to expand our Concrete business to this market,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “Our Marine segment has had an active present in the Florida market since the 1940s and our Concrete teams will leverage our existing experience, relationships and resources to grow into this market.”
ORN Stock Technical Analysis
ORN stock shows a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at $5.42. Right above this resistance zone may be a good entry point.