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Investing.com - Great Lakes Dredge & Dock (NASDAQ:GLDD) stock received a Buy rating from Texas Capital Securities on Thursday, with the firm setting a price target of $14.00.
Texas Capital initiated coverage on the Houston-based dredging company, citing its position as the oldest and largest U.S.-based provider of dredging services both domestically and internationally. Founded in 1890, the company operates a specialized fleet of approximately 200 vessels across five marine yard locations. The company has demonstrated strong performance, with revenue growing 24.4% in the last twelve months and maintaining profitability with a robust Piotroski score of 8, as revealed by InvestingPro analysis.
The firm highlighted Great Lakes Dredge & Dock’s strong public sector funding from federal, state, local, and international sources. The company also benefits from private sector tailwinds related to LNG ports and offshore wind projects, which provide stability to its growing and diversified funding base.
Texas Capital noted that the company experienced a lull in 2025 due to the U.S. Army Corps of Engineers operating under a continuing resolution. However, as Great Lakes bids and wins more capital projects, its margins could improve.
The company’s operations span capital projects, beach replenishment, and maintenance projects worldwide, leveraging its extensive fleet and established market position in the dredging industry.
In other recent news, Great Lakes Dredge & Dock reported its Q2 2025 earnings, exceeding market expectations. The company achieved an earnings per share of $0.14, surpassing the forecasted $0.1075 by 30.23%. Additionally, Great Lakes Dredge & Dock reported revenues of $193.8 million, which was higher than the anticipated $178.08 million. In another development, the company has taken delivery of its newest hopper dredge, the Amelia Island, from Conrad Shipyard in Morgan City, Louisiana. The Jones Act-compliant vessel is 346 feet long and has a hopper capacity of 6,330 cubic yards. It features two trailing suction pipes capable of dredging depths up to 100 feet. These recent developments indicate ongoing operational progress for Great Lakes Dredge & Dock.
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