I don't think the barge breakdown was responsible for how the stock acted today. The barge problem is relatively small and, short term, fixable. We are near a 52 week low and the volume was heavy. The company should be basking in the good news of the Savannah harbor win, the Shell Island award and the BP settlement. The finance chief had said in the conference call how good the numbers would be in these upcoming quarterly reports and the stock bumps along near the bottom today. This reminds me of when the company delayed reporting earnings a couple of years ago and the stock fell on heavy volume over a period of a week or so before they dropped the bomb of terrible numbers for the demolition business. I hope all is well with the environmental remediation business. I wish these guys would stick to their knitting and concentrate on the dredge business. Good luck, all.
I don't think any dredges are working off Ocean City. Here are some comments from the local newspaper:
Work crews on the beach had run pipeline down to 51st Street and set up filter cages in anticipation of the project resuming, but on Tuesday morning, they appear to be pulling equipment back and consolidating it at 52nd Street.
Work to rebuild eroded beaches between 37th and 59th streets in Ocean City began April 20 and was expected to be complete by now. But an engine failure on the Liberty Island brought the project to a standstill on May 30.
If work had resumed Monday, the project would have been on target to be complete by Sept. 9.
The delay pushes the restart of the project deeper into the heart of the summer vacation season in the resort.
The dredge was out for two months from a job off New Jersey. They returned from repairs in Norfolk and worked for a day and have to go back for more repairs.
Why couldn't I have grabbed some stock at this price on Friday? I am going to get some more today and am hopeful about the future, but still worry about their environmental subsidiary throwing a wrench into the works. I still have nightmares about their foray into the demolition business.
Good luck, all.
Yes, I put an order in and filled part of it before the price kept moving out of reach. I modified the order and the same thing happened, filled part and moved up. They we're limit orders and I did not want to chase the price, so I waited and it came back and took out the rest.
I bought shares a few years ago and held as they went up and down, also. These guys screwed up with the demo businesses and I hope they don't do the same with the remediation businesses. I don't know why they can't stick with what they know. I bought more today and will keep buying if China doesn't bring the whole market down, in which case I will buy more after the dust settles.
You are probably correct as they have stated they want a three pronged strategy; increase business, increase dividends and buy back stock. They have been buying stock back like crazy, increasing revenues and they have yet to boost the dividend. I would prefer that they buy back more stock instead of raising the dividend, but I think the dividend will be raised soon. Good luck.