The Standard & Poors 500 had its best June since 1955, and the Dow Jones posted its largest June percentage gain since 1938.
WorkBoat stocks also did well. The WorkBoat Composite Index gained 159 points, or about 8.3%. Winners topped losers by a 9-1 ratio.
Almost half of all composite index components posted double-digit increases.
Gulf Island Fabrication was one of only three composite issues that lost ground in June. The Houston-based fabricator of complex steel structures, modules and marine vessels saw its stock value fall over 11%.
In the company’s first-quarter conference call in May, Kirk Meche, president and CEO, was optimistic. “With the addition of the OSU (Oregon State University research vessels) and Navy T-ATS options, we have one of the largest backlogs in our company’s history,” he said. “Further, our backlog at quarter end and these executed options after quarter end reflect our ongoing efforts to diversify outside of our traditional reliance on the oil and gas sector. Approximately 90% of our backlog is outside of the oil and gas sector.
“Having said this, we are continuing to see significant opportunities for onshore fabrication in the industrial sector as well as traditional oil and gas maintenance and repair. We are also beginning to see increased engineering activity associated with the Gulf of Mexico.”
