Canaccord Genuity Reaffirms Hold Rating for Orion Group Holdings, Inc. (ORN)
Canaccord Genuity restated their hold rating on shares of Orion Group Holdings, Inc. (NYSE:ORN) in a report published on Thursday. They currently have a $7.00 target price on the construction company’s stock.
“We believe that ORN could warrant a Buy rating once the impact from the recent hurricanes is reflected in consensus estimates. While headwinds were likely significant for revenues and even more so for operating income, the subsequent expected pick-up in dredging activity should be meaningful and last for multiple quarters. We also believe the company’s strategy to expand its industrial work is gaining greater clarity and offers substantial longer-term opportunities for growth and margin expansion. For now, we reiterate our HOLD ahead of what are likely to be imminent estimate reductions.”,” the firm’s analyst commented.
Several other research firms have also commented on ORN. Zacks Investment Research lowered shares of Orion Group Holdings from a buy rating to a hold rating in a research note on Thursday, July 6th. FBR & Co lowered their price objective on shares of Orion Group Holdings from $12.00 to $10.00 and set a buy rating for the company in a research note on Friday, August 18th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $8.33.
Shares of Orion Group Holdings (NYSE ORN) opened at 6.86 on Thursday. The company’s 50-day moving average is $5.99 and its 200-day moving average is $6.94. The company’s market cap is $193.47 million. Orion Group Holdings has a one year low of $5.17 and a one year high of $11.11.
Orion Group Holdings (NYSE:ORN) last announced its earnings results on Thursday, August 3rd. The construction company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.16). The company had revenue of $137.40 million for the quarter, compared to analysts’ expectations of $161.68 million. Orion Group Holdings had a positive return on equity of 1.37% and a negative net margin of 0.98%. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period last year, the business earned ($0.03) EPS. On average, equities analysts predict that Orion Group Holdings will post $0.02 EPS for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of ORN. QS Investors LLC raised its holdings in Orion Group Holdings by 94.3% in the second quarter. QS Investors LLC now owns 13,626 shares of the construction company’s stock valued at $102,000 after acquiring an additional 6,613 shares in the last quarter. Stevens Capital Management LP raised its holdings in Orion Group Holdings by 8.7% in the second quarter. Stevens Capital Management LP now owns 14,314 shares of the construction company’s stock valued at $107,000 after acquiring an additional 1,151 shares in the last quarter. Arizona State Retirement System raised its holdings in Orion Group Holdings by 1.4% in the first quarter. Arizona State Retirement System now owns 14,435 shares of the construction company’s stock valued at $108,000 after acquiring an additional 200 shares in the last quarter. Trexquant Investment LP raised its holdings in Orion Group Holdings by 41.0% in the first quarter. Trexquant Investment LP now owns 14,848 shares of the construction company’s stock valued at $111,000 after acquiring an additional 4,316 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Orion Group Holdings in the second quarter valued at approximately $133,000. 87.79% of the stock is owned by institutional investors and hedge funds.
About Orion Group Holdings
Orion Group Holdings, Inc, formerly Orion Marine Group, Inc, is engaged in heavy civil construction project management business. The Company specializes in marine construction. It provides a range of heavy civil marine construction services to federal agencies, state and municipal governments, and private commercial and industrial customers.
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