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Stocks of energy infrastructure services company Orbital Energy Group Inc (NASDAQ: OEG, OEG.US) rocketed by a whopping 115.2 per cent on Tuesday, June 1.
The Texas-based firm’s trading volume also expanded to cross 236 million shares on Tuesday, as against its 10-day average volume of about 1.73 million shares.
The latest surge in Orbital’s stock price came as its subsidiary, Gibson Technical Services, won a construction project for telecommunication services provider TEC of Jackson, Inc.
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What Is Gibson Technical & TEC’s Agreement?
As per the agreement, Gibson Technical Services is expected to extend TEC’s engineering and construction turnkey services for a 700-mile stretch to setup across Central Mississippi in the US. The project is to be completed in the next four years.
Engineering work on this project was started in April 2021, while its construction work is expected to begin in June, the company said in its press release.
The order is being partly financed by TEC Capital and partly by the US government’s Rural Digital Opportunity Fund (RDOF).
Now, let’s analyze Orbital Energy Group’s stock and understand its fundamentals.
Orbital Energy Group Inc (NASDAQ: OEG, OEG.US)
Orbital Energy Group is a nearly US$ 400 million market cap company, which works on creating a diversified energy services platform by developing and acquiring players operating in the sector.
The energy stock grew 25.3 per cent in the last one month. It presently holds a 52-week high of US$ 11.2, secured on January 27, 2021 .
As per TMX, the price-to-book ratio of the stock is 9.095, while its debt-to-equity ratio is 0.78, highlighting the total leverage against shareholders’ equity.
The Texas-based company earned total revenues of about US$ 9.5 million in the first quarter ending March 31, 2021, about 76 per cent higher year-over-year (YoY).
Its total order backlog rose to US$ 62.1 million by the end of the first quarter 2021, as against a backlog of US$ 40.4 million as on December 31, 2020, indicating a quarter-over-quarter (QoQ) rise.
Shortly after the end of its first quarter, the company also completed the acquisition of its Atlanta-based telecommunication subsidiary, Gibson Technical Services, allowing it to enter the telecom infrastructure market.
According to Orbital Energy’s management, the company’s another key milestone was the launch of Eclipse Foundation Group, which helped furthering the parent company’s foray into the electric power transmission and distribution market.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
