Imperial Capital Cuts Price Target on Orion Marine Group (ORN) Following 3Q

Imperial Capital reiterated an Outperform rating on Orion Marine Group (NYSE: ORN), and cut the price target to $7.00 (from $7.50), following the company's 3Q earnings report. ORN reported 3Q15 EPS of -$0.27, slightly above
Imperial Capital's -$0.30 estimate, which was lowered in response to the company’s recent pre-announcement.

Analyst Scott Levine commented, "FY15 guidance updated following 3Q15 miss; FY16 guidance reflects healthy growth outlook. ORN guided to FY15 revenue of $460mn–480mn and EPS between -$0.30 and -$0.35, which is roughly consistent with our estimates of $480.5mn and -$0.30, respectively, which we lowered after the company’s preannouncement on 10/21/15. ORN cited healthy prospects within Commercial Concrete Construction (CCC), and sounded a bit more upbeat on Heavy Civil Marine (HCM), given recent favorable budget developments, and suggested margins should improve in FY16, on the back of stable pricing and better execution, with CCC expected to remain roughly stable. We are raising our FY15 EPS estimate to -$0.35 from -$0.41, though FY16 EPS falls $0.05 to $0.35, as we bring our numbers closer to the midpoint of new guidance. We also introduce a FY17 EPS estimate of $0.62."

For an analyst ratings summary and ratings history on Orion Marine Group click here. For more ratings news on Orion Marine Group click here.

Shares of Orion Marine Group closed at $3.87 yesterday.

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