Work for $61 million awarded, including first Concrete work in Florida. Marine awards of $35 million include four contracts in Houston, New Orleans and Alaska. Concrete awards of $26 million include six contracts in Houston, Dallas, Austin and Daytona. Small Daytona project is first foray outside of Texas and represents entry into attractive Florida market.New awards boost backlog and high bidding activity portends added awards. New awards do not include low bids pending award exceeding $40 million as were highlighted in our September 20th research note, so more good news should be on the horizon. High bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends added award announcements.Maintaining estimates. 2021 EBITDA estimate of $31.4 million incorporates lingering weather impact and 2022 EBITDA estimate of $43.0 million anticipates a return to normal and improving backlog. After a challenging 2021 due to Covid-19 issues and poor weather, we believe that next year should be a year of recovery.Recent stock price weakness, positive free cash flow and asset sales makes stock buyback more attractive. Absent acquisitions, a stock buyback program seems likely by yearend 2021, if not sooner. With the closing of the Tampa sale in 2Q2021 and other potential substantial asset sales over the next several years, the capital structure has improved and capital allocation stance has already shifted. There is a strong preference for growth-oriented investments, but shareholder friendly moves, like a dividend and/or stock buyback, seem possible.Maintain Outperform and price target of $9.00/share due to compelling risk/reward profile. Due to losses of 5% in 2Q2021 and 12% in 3Q2021, the stock is up only 2% this year and the lackluster stock price performance doesn't fairly reflect the structural improvement in execution and profitability triggered by the ISG restructuring. A combination of improving backlog, rebounding profitability, moderating financial leverage and attractive valuation supports our view that the risk/reward profile remains compelling. Potential catalysts include added awards, infrastructure legislation and the closing of added real estate sales. Read More >>