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HOUSTON - Orion Group Holdings, Inc. (NYSE:ORN), a prominent specialty construction company with a market capitalization of $312 million and impressive one-year stock return of 32%, has announced the acquisition of new contracts in its Marine and Concrete segments, amounting to approximately $211.7 million. These projects are scheduled to commence in 2025 and are expected to be completed by 2026. According to InvestingPro data, the company has demonstrated strong revenue growth of 10.6% over the last twelve months.
The Marine segment of Orion has notably secured a $113.7 million contract from the Texas Department of Transportation for the replacement of the State Highway 6 bridge over Lake Waco. This project is set to begin in the first quarter of 2025 and is estimated to take around 24 months to complete. Additionally, the segment has won contracts totaling $29.8 million for repairs and improvements at the Port of Houston, the Port of Galveston, and a private dredging project, all slated for completion within 2025. While operating with moderate debt levels, InvestingPro analysis indicates the company maintains a healthy current ratio of 1.35.
In the Pacific Northwest, Orion’s joint venture with Kraemer North America has been notified of an award for the Deschutes Estuary Restoration project in Olympia, Washington. The project, valued at approximately $350 million, aims to enhance ecological conditions and water quality, as well as restore recreational and fishing activities. The joint venture is currently engaged in the preconstruction phase, pending final funding, hence Orion’s share of the contract value has not been included in the $211.7 million total.
Orion’s Concrete segment has also achieved significant wins, with over $68.2 million in new contracts. These include a multi-story project for Hanover Development Company in Houston, Texas, and several other projects involving a junior high school, industrial warehouses, and a food processing building. Moreover, in partnership with Layton Construction, Orion has been awarded a one million square foot data center project in Iowa. However, the value of this data center project is still under negotiation and is not reflected in the $68.2 million figure.
These new contracts reinforce Orion’s status as a leader in specialized Marine and Concrete construction, with a diverse portfolio that now includes 33 data center projects. The company’s CEO, Travis Boone, expressed satisfaction with the quality and variety of the recent awards and highlighted the strategic bidding discipline maintained by Orion to ensure profitable long-term returns. With analysts setting price targets between $10 and $14, and the company’s next earnings report due on February 26, investors seeking detailed insights can access comprehensive analysis through InvestingPro’s exclusive research reports, which cover over 1,400 US stocks including ORN.
The information in this article is based on a press release statement from Orion Group Holdings, Inc.
In other recent news, Orion Marine Group has been in the spotlight due to a series of notable developments. The company was issued a Buy rating by DA Davidson, which also set a price target of $11.00 per share. The research firm highlighted Orion’s advantageous position in the marine infrastructure sector, foreseeing benefits from various development projects. Orion’s diverse project engagements and recent leadership changes were also seen as drivers for long-term growth.
Simultaneously, Orion Group Holdings, a specialty construction and engineering firm, announced the acquisition of three new contracts totaling over $110 million. These include two marine construction projects and one concrete segment project, all set to commence in 2025. The largest contract, awarded by the South Carolina State Ports Authority, involves the extension of the Hugh K. Leatherman Terminal Wharf at the Port of Charleston. Other contracts involve a pedestrian bridge project in Tampa, Florida, and a new data center building in Garland, Texas.
These recent developments indicate a positive trajectory for Orion Marine Group, with analysts and industry developments both painting a promising picture for the company’s future.
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