Orion Group Holdings Inc (NYSE:ORN) were climbing in early trading on Thursday, with optimism ahead of its fourth-quarter results.

The company is a "unique beneficiary of marine infrastructure development, including enhancements to military assets, ports, maintenance, coastal protection and private deployment," according to DA Davidson.

The Orion Group Holdings Analyst: Analyst Brent Thielman initiated coverage of Orion Group Holdings with a Buy rating and a price target of $11.

The Orion Group Holdings Thesis: After several years of inconsistent execution, the current newer leadership team seems capable of implementing a "more effective strategy" and leading the company "toward more consistent/profitable contributions," Thielman said in the initiation note.

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Although the turnaround process in infrastructure services typically takes time, "it can ultimately create attractive returns for shareholders," he added.

"We expect Orion’s Marine segment to be a more meaningful revenue driver in the coming years," especially with the U.S. increasingly focusing on military infrastructure "as geopolitical ties evolve," the analyst stated.

While there are some revenue headwinds in 2025, "bookings/award activity in the coming quarters should lend more clarity while we still look for continued momentum in bottom-line (earnings/EBITDA) performance into this year," he further wrote.

ORN Price Action: Shares of Orion Group Holdings had risen by 11.66% to $8.14 at the time of publication on Friday.

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