ENGlobal, Corp. (NASDAQ:ENG) Announces Process Analytical Award Valued at $7 million, Awaits Market Response

Leading provider of engineering and automation services, ENGlobal, Corp. (NASDAQ:ENG), announces a new project award valued at around $7 million.

HOUSTON, TX–(Marketwired – Nov 29, 2016) – ENGlobal ( NASDAQ : ENG ), a leading provider of engineering and automation services, today announced a new project award valued at approximately $7 million. ENGlobal’s Automation business segment has been selected as the supplier of Analytical Process Control Equipment for a major chemical complex on the U.S. Gulf Coast. These control systems will provide information regarding critical feedback on product quality and information regarding safe operating conditions for the facility. Design of these systems has commenced, with project execution being scheduled over the next 18 months.

William A. Coskey, P.E., CEO of ENGlobal stated, “This important award illustrates a general uptick in activity we’ve recently experienced in our business. As one data point, the Company’s overall backlog has increased approximately 20% thus far in the fourth quarter of 2016, with all ENGlobal business units experiencing backlog growth during this period. We’re encouraged by this recent trend, and the size and breadth of the proposal opportunities we’re currently seeing.”

About ENGlobal

ENGlobal ( NASDAQ : ENG ) is a provider of engineering and automation services primarily to the energy sector throughout the United States and internationally. ENGlobal operates through two business segments: Automation and Engineering. ENGlobal’s Automation segment provides services related to the design, fabrication and implementation of distributed control, instrumentation and process analytical systems. The Engineering segment provides consulting services for the development, management and execution of projects requiring professional engineering, construction management, and related support services. Within the Engineering segment, ENGlobal’s Government Services group provides engineering, design, installation and operation and maintenance of various government, public sector and international facilities, and specializes in the turnkey installation and maintenance of automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.ENGlobal.com.

Safe Harbor for Forward-Looking Statements

The statements above regarding the Company’s expectations regarding its operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENGlobal’s filings with the Securities and Exchange Commission, including the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.

Original Source

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ENGlobal, Corp. (NASDAQ:ENG) shares are trading +1.49% on the news and in the range of $1.33 – 1.47 during the current trading session.  When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock.  Sell-side research firms on Wall Street currently have a consensus one-year price target of $3.50 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.

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Sell-side analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-0.17 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading -2.80% away from its 50-day moving average of $1.40.  Based on the most recent available data, the equity is -21.10% off of its 52-week high of $1.72 and +99.38% away from its 52-week low which is $0.68.

In taking a look at the company’s valuation, the firm’s price to earnings ratio stands at 5.71.  Today, the stock opened at $1.33 and the last bid at the time of writing stood at $1.36.  During the session thus far, the equity dipped down to $1.33 and touched $1.47 as the high point.  ENGlobal, Corp. (NASDAQ:ENG) has a market cap of $37.21M and has seen an average daily volume of 23,869 over the past three months.

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Disclaimer: Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.

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