Attractive award of $25.6 million posted late yesterday. The $25.6 million award for maintenance dredging of Portsmouth Harbor and Piscataqua River was posted on the DoD web site after the market closed yesterday. Work should start later this year and be completed in 1Q2022. The award is positive and there could be some added efficiencies since GLDD is currently working in the Boston Harbor.Second award of $11.3 million posted earlier this week. According to the government contracting web site, the Coastal Storm Risk Management Project in South Hutchinson Island, Florida was awarded to GLDD for $11.3 million. The work includes constructing a beach berm and planting dune vegetation to limit erosion.Third award of $29.0 million for New Jersey shore work was posted at the end of last week. Previously highlighted as low bid pending award of $47.7 million, which included options of $18.7 million. In a September 13th note, we highlighted that GLDD was low bidder on the Sandy Hook to Barnegat Inlet Beach Erosion Control Project Section II at $47.7 million, or $15.9 million below the other bid of $63.6 million from Weeks Marine. The final award of $29.0 million was posted last Friday and it excluded options of $18.7 million.3Q2021 awards total $302.9 million at this point. Including three recent awards of $65.9 million and previously announced 3Q2021 awards of $237 million, total 3Q2021 awards approximate $302.9 million. Please note the previously announced awards of $261.3 million included work of $24.3 million awarded in 2Q2021 so the 3Q2021 award total was $237.0 million as of mid-September.Maintain Outperform rating and price target of $17.05/share due to recent awards, the fleet renewal program and disciplined capital allocation. While the stock is up 16% this year, softer 2Q2021 results have dampened stock price performance over the past two months. We attribute most of the 2Q2021 shortfall to COVID-19, which should be transitory, the risk/reward profile remains favorable so we expect the stock to rebound. We believe that the current EV multiple of 8.6x 2021E EBITDA is attractive due to recent awards and a successful debt refinancing in 2Q2021. Read More >>