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BAE Systems Awarded Two More Navy Contracts

Published 28/10/2021, 17:16
Updated 28/10/2021, 17:16
© Reuters.

© Reuters.

By Sam Boughedda

Investing.com — BAE Systems PLC (LON:BAES) continues to add to its list of U.S. military contracts after the company was awarded a contract worth $154.11 million by the Navy two weeks ago,

The most significant — revealed on Wednesday — is a $478 million contract for systems engineering and integration services. 

BAE shares were trading flat in Thursday's session.

The five-year contract, awarded in September, has BAE supporting the U.S. Navy Strategic Systems Programs.

Meanwhile, the U.K.-based defense business told investors today that it has received a $26 million contract to equip the U.S. Navy's Constellation class frigates with the fully-automatic 57mm Mk 110 naval gun.

The contract, awarded earlier this month, includes engineering support and calls for 2 Mk 110s for the USS Constellation and USS Congress.

In mid-October, analyst Aymeric Poulain at financial research firm Kepler Cheuvreux initiated coverage of BAE with a buy rating at 670p price target. The company's shares are currently trading around the 555p level.

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