Orbital Energy Group, Inc

OEG NASDAQ
OEG
Orbital Energy Group, Inc NASDAQ
 
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Upcoming Earnings
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Market Cap
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Jun 022021

Into orbit for Orbital

Orbital Energy sees a whopping one day jump of 115% after winning a big new contract in Mississippi.

Orbital Energy investors saw some impressive returns following the company’s announcement that one of its subsidiaries, Gibson Technical Services, was awarded a contract for over 700 miles of construction and engineering across central Mississippi. Orbital announced the acquisition of Gibson Technical Services in April in a deal worth $48 million, and the latest news makes the deal look like pretty good value. The multi-year project also gives some certainty over cash flow for investors, which is always nice.

It looks like Orbital investors should be thanking President Biden for this one – although the deal is going to be privately backed by TEC Capital, it will also get a helping hand from the federal government. The Rural Digital Opportunity Fund will partially fund the rural fiber buildout (the same fund that is partly bank rolling SpaceX) with the goal of creating rural broadband networks across the country.

The award of this project from such a well-respected telecommunication service provider as TEC confirms GTS’s ability to deliver the highest quality engineering and construction services,

CEO Mike McCracken commented.

Bulls are hoping that working on a government contract could be a springboard for future work for Gibson, which could be a win-win given the infrastructure services that Orbital also provides.