Jacobs (JEC) Secures New Contract From Shell Offshore
Zacks Investment Research | Nov 29, 2016 09:56PM ET
Renowned construction company Jacobs Engineering Group Inc. (NYSE:JEC) continues to strengthen its portfolio with a string of contract wins. In keeping with this strategy, the company recently secured a contract from Shell (LON:RDSa) Offshore Inc. for its Vito host project in the Gulf of Mexico.
The stock looks promising at the moment as it recorded an average return of 19.66% over the last 30 days. The average Zacks-categorized Engineering/Research & Development Services industry returned 16.16% over the same period.
Contract Details
Shell Offshore Inc. is a subsidiary of Royal Dutch Shell (RDS.A). Under the Vito project contract, Jacobs would provide its premium design package, front end and detailed engineering services for the topsides of the Vito host platform. The company’s comprehensive understanding of the deep-water production systems would enable it to offer a new less expensive design for the project.
We expect the deal to further strengthen Jacobs’ long-standing bond with Royal Dutch Shell.
Our Take
Jacobs’ stock was valued at $61.72 per share as of Nov 29, 2016. The stock has gained 4% since the fiscal fourth-quarter 2016 earnings release on Nov 22, 2016. The company’s quarterly earnings were in line with the Zacks Consensus Estimate.
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