Canaccord Genuity Reiterates a Hold Rating on Orion Group Holdings

By Ryan Adsit

In a report released today, Robert Burleson from Canaccord Genuity reiterated a Hold rating on Orion Group Holdings (NYSE: ORN), with a price target of $7. The company’s shares opened today at $7.61, close to its 52-week high of $8.39.

Burleson noted:

“We are increasing our price target to $7 from $5.50, given ORN appears fully past any remaining Tampa issues and unlikely to experience major divergences when driving towards its 2017 plan. That said, we are lowering estimates as volatility has persisted in the 2H of 2016, with some project pushouts and Hurricane Matthew contributing to a lower 2016 outlook. Solid execution in coming quarters could go a long way toward boosting confidence in management’s $70M EBITDA goal for 2017, as well as offer some multiple expansion.”

According to TipRanks.com, Burleson is a 4-star analyst with an average return of 1.3% and a 46.7% success rate. Burleson covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Integrated Device Tech, and Mitel Networks Corp.

Orion Group Holdings has an analyst consensus of Moderate Buy, with a price target consensus of $8.

Based on Orion Group Holdings’ latest earnings report from June 30, the company posted quarterly revenue of $140.3M and quarterly net profit of -$808K. In comparison, last year the company earned revenue of $137.1M and had a net profit of -$7.4M.

Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is neutral on the stock. Most recently, in December 2015, Mark Stauffer, the CEO of ORN bought 1,750 shares for a total of $6,555.