Orion Stock Gains on $211.7M Marine & Concrete Contract Wins

Orion Group Holdings, Inc. ORN has secured new contracts worth approximately $211.7 million. The awards include $143.5 million for Marine projects and $68.2 million for Concrete projects. These projects are set to begin in 2025, with completion expected by 2026.The total value does not include Orion’s portion of the Deschutes Estuary Restoration project in Washington or a one-million-square-foot data center in Iowa. The new contracts further strengthen Orion’s presence in the industry.Shares of this leading specialty construction company rose 15.4% during yesterday’s trading hours.Inside ORN’s Latest ContractsThe company continues to secure a diverse range of projects, including bridge construction in Texas and environmental restoration in the Pacific Northwest. ORN is attracting new partners and expanding its involvement in key sectors. While increasing its project backlog, the company remains focused on disciplined bidding to ensure long-term profitability.Orion’s Marine segment has received a $113.7 million contract from the Texas Department of Transportation to replace the State Highway 6 bridge over Lake Waco. Construction is set to begin in early 2025 and will take approximately 24 months.The segment also secured three contracts totaling $29.8 million for the repair of Wharves 20 and 21 at the Port of Houston, upgrades at the Port of Galveston’s Cruise Terminal 16 and a private dredging project. These projects are expected to be completed in 2025.Furthermore, the company’s Washington-based Marine segment has been selected as a Joint Venture partner with Kraemer North America (“KOJV”) for the Deschutes Estuary Restoration project in Olympia, WA. The contract follows a General Contractor/Construction Management model, with the project's estimated value at approximately $350 million, pending full funding. The restoration aims to improve ecological conditions, support water quality standards, enhance climate resilience, and restore recreation and fishing in the area. KOJV will collaborate with the State of Washington during the preconstruction phase to implement efficient construction methods and cost management strategies.Orion’s Concrete segment, including recent contracts from the past two months, has secured more than $68.2 million in new projects, which are set to begin in early 2025. The segment received a subcontract for a multi-story project with Hanover Development Company in Houston, after completing a 43-story high-rise.Additional contracts were awarded in partnership with Corvus and Harvey for a junior high school, industrial warehouses and a food processing facility in Houston. The segment also secured a one-million-square-foot data center project in Iowa with Layton Construction. This data center project is not included in the $68.2 million total, as pricing is still being finalized. With this addition, Orion’s portfolio of data center projects now includes 33 active and completed projects.ORN Stock’s Price PerformanceShares of Orion have gained 35.9% in the past six months, outperforming the Zacks Building Products - Heavy Construction industry’s 27.9% growth. The company is benefiting from the resolution of project delays and the progress of ongoing projects. Orion's pipeline of opportunities has expanded significantly, now totaling more than $13 billion as of Sept. 30, 2024. Image Source: Zacks Investment Research With a total backlog of $690.5 million as of Sept. 30, 2024, Orion is poised for significant growth. The company is focused on several major projects and sees strong potential ahead. Its pipeline has grown four times from the last-year reported figure of $3 billion. This expansion is expected to boost revenue growth across diverse markets. The company anticipates a ramp-up in project activity starting in 2025, with transformational growth expected in 2026.ORN’s Zacks Rank & Key PicksOrion currently carries a Zacks Rank #3 (Hold).Here are some better-ranked stocks from the Construction sector.Frontdoor, Inc. FTDR currently sports a Zacks Rank of #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.FTDR delivered a trailing four-quarter earnings surprise of 269%, on average. The stock has gained 28.1% in the past six months. The Zacks Consensus Estimate for FTDR’s 2025 sales and earnings per share (EPS) indicates an increase of 6.4% and 1.4%, respectively, from a year ago.Dycom Industries, Inc. DY presently has a Zacks Rank #2 (Buy). DY delivered a trailing four-quarter earnings surprise of 16.6%, on average. The stock has gained 10.4% in the past six months.The Zacks Consensus Estimate for DY’s fiscal 2026 sales and EPS indicates an increase of 14% and 14.3%, respectively, from a year ago.MasTec, Inc. MTZ currently carries a Zacks Rank #2. MTZ delivered a trailing four-quarter earnings surprise of 40.2%, on average. The stock has gained 35.3% in the past six months.The Zacks Consensus Estimate for MTZ’s 2025 sales and EPS indicates an increase of 8% and 47.4%, respectively, from a year ago.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dycom Industries, Inc. (DY): Free Stock Analysis Report Orion Group Holdings, Inc. (ORN): Free Stock Analysis Report MasTec, Inc. (MTZ): Free Stock Analysis Report Frontdoor Inc. (FTDR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks