Confidence renewed after investor meetings with the CEO and CFO. 1) Favorabledredging outlook due to funding expansion more than offsets below average win rate andadded competition; 2) LNG and wind projects are positives and potential for newawards, including Corpus Christi on/about December 16th, is high; 3) Restructuring impact isdurable. Sale of Environmental & Industrial business removed an underperformer; 4) Capitalallocation is growth-oriented and free cash flow should fund new build(s) in 2020-1; and5) Improved financials accelerates refinancing of existing debt at first call date in May 2020.Is insider buying last week a good signal? We think so. Privet Fund, controlled by boardmember Ryan Levenson, bought a total of 100k shares last week at an average price of$10.61/share and shares owned by Privet increased by more than 50% to 290k shares.While it is always difficult to pinpoint the exact reasons, we interpret the development as apositive sign. The purchases represent a reversal of the consistent selling by Privet Fundover the past year.Read More >>