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      Here is why Orbital Energy Group Inc. (OEG) stock turnaround in the after-hours on Monday? - Stocks Telegraph

      By Asim Kamal

      Published on

      September 21, 2021

      5:12 AM UTC

      Here is why Orbital Energy Group Inc. (OEG) stock turnaround in the after-hours on Monday? - Stocks Telegraph

      Orbital Energy Group Inc. (OEG) shares surged 6.16% in after-hours on Monday, September 20, 2021, and closed the daily trading at $3.10. However, in the regular trading session of Monday, OEG’s stock lost 5.81%. OEG shares have risen 460.46% over the last 12 months, and they have moved down 8.46% in the past week. Over the past three months, the stock has lost 35.25%, while over the past six months, it has slid down 50.51%.

      Let’s have a look at its recent news and developments.

      OEG subsidiary won a new contract

      On September 20, 2021, Gibson Technical Services, which is a subsidiary, of Orbital Energy Group, Inc (OEG) was awarded a new project from Charter Communications, Inc. (CHTR) to construct 1,910 miles of the rural broadband network in Virginia.

      The Project is scheduled to begin immediately and extend over the next several years. The new project follows the earlier award from Charter for approximately 8,600-miles of full-service construction across Louisiana, Alabama, and North Carolina.

      ORG financial performance & Hurricane Ida

      On September 3, 2021, Orbital Energy Group, Inc. (OEG) announced that its subsidiaries, Gibson Technical Services, Orbital Power Inc., and Eclipse Foundations are providing resources to assist electric power and telecommunication customers restore critical infrastructure damaged by the storm, in the aftermath of Hurricane Ida. This event may improve the Company’s financial results for the current quarter.

      OEG recent financial results announcement

      On August 16, 2021, Orbital Energy Group, Inc (OEG) reported unaudited financial results for the three and six months ended June 30, 2021.

      Q2 2021 financial highlights

      • OEG earned total revenue of $16.3 million in Q2 2021 compared to $7.8 million for the second quarter of 2020.
      • In Q2 2021, Gross profit was negative $1.2 million compared to gross profit of $1.0 million for the second quarter of 2020.
      • Total operating expenses were $17.1 million in Q2 2021 compared to $8.24 million in Q2 2020.
      • It suffered an operating loss of $18.3 million in Q2 2021 compared to 7.2 million in Q2 2020.
      • The company ended the quarter with cash and cash equivalents of $9.6 million and restricted cash of $1.2 million.

      OEG new appointment

      On August 11, 2021, Orbital Energy Group, Inc (OEG) announced its telecommunications subsidiary, Gibson Technical Services, Inc appointed industry veteran Scott Stokes as its new chief technology officer.

      Mr Stokes had more than 30 years of experience in engineering, planning, design and operation of telecommunications networks. Mr Stokes served as business operations director and manager of ISP/OSP Engineering & Construction at Jacobs.

      Conclusion

      OEG stock turnaround on Monday after the company announced the awarding of a new contract and we can expect that it will continue its momentum on Tuesday as well.

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