Leading speciality construction company Orion Group Holdings Inc (NYSE:ORN) has seen its stock price jump after yesterday announcing contract awards worth approximately $17 million.
The company has been awarded contracts to provide dredging services in the Corpus Christi Ship Channel in Corpus Christi, Texas and a marine terminal facility for a private client.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Both contracts combined are worth $17 million and work is scheduled to begin immediately.
The company’s President and Chief executive Officer Mark Stauffer said in a press release that “These projects not only represent quality backlog for our Marine segment, but also provide greater visibility into utilization for our dredging fleet throughout the balance of this year and into 2021.”
Yesterday saw the company’s share price surge after the news was announced.
Opening up the day at $3.08, its price jumped by 11.95% to close out at $3.28.
However, in after-hours trading, the company’s share price has moved even higher and is currently up 53.66% pre-market, trading at $5.04.
Source: TipRanks
Analysts at TipRanks have certainly taken notice and they have set the average price target for the stock at $5.70, with the highest target being at $7.40.
It’s safe to say that we can expect more volatility in Orion’s price in today’s session.
