Keeping up with its strategy of growing organically, Jacobs Engineering Group Inc. (JEC) has been adding to its contract pipeline. Year-to-date, the company has won contracts from the U.S. Army, Water Corporation of Western Australia, Suncor, Volpe Centre, Delaware Department of Transportation, to name a few. In March, the company received five contracts so far, increasing the share price roughly 7% to $64.82, as on March 21.
Earlier in the month, Jacobs won contracts from the Pennsylvania Department of Transportation for the supply of integration support services and intelligent transportation systems design. The financial details of the deal were kept under the wraps. Additionally, the company gained another contract on the same day from BP plc (BP) to provide process and infrastructure work.
A few days ago, Jacobs won a contract from Naval Facilities Engineering Command Midwest (NAVFAC MW). The contract, with a maximum value of $30 million, spans five years. On the same day, the North West Redwater Partnership awarded the company another contract for an undisclosed amount. The contract relates to the Sturgeon Refinery Project in Alberta’s Industrial Heartland area.
The latest addition to the list was a contract from ConocoPhillips (COP) regarding the engineering, procurement and construction services for projects in the lower 48 regions of the U.S. With an undisclosed value, the project spans three years, with four years extendable options.
Per the contract, Jacobs will provide procurement and construction management services, front end studies and engineering for ConocoPhillips’ projects.
Jacobs is one of the leading providers of professional, technical and construction services to industrial, commercial and governmental clients. With a current market capitalization of $8.6 billion, the company has a Zacks Rank #3 (Hold). Another stock in the same sector is AECOM Technology Corporation (ACM) with a Zacks Rank #2 (Buy) and is worth a watch.Read the Full Research Report on BP
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