NEW YORK (TheStreet) -- Erickson (EAC) stock is gaining 105.45% to $1.13 on heavy trading volume on Tuesday afternoon after the aviation services provider was awarded two five-year agreements with the U.S. Navy.
The Portland, OR-based company will provide vertical replenishment and rotary-wing logistic services to the Military Sealift Command, which will support the Navy's 5th and 7th Fleets.
The contracts, which are valued at about $70 million, were originally awarded last February, but the company was waiting for the resolution of protests was filed at the Government Accountability Office.
"These new awards further cement our position as a preferred provider of services in support of the Department of Defense operations around the world," CEO Jeff Roberts said in a statement.
So far today, 7.71 million shares of Erickson have been traded, significantly higher than its average daily volume of 36,606 shares.
Separately, Erickson has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's generally high debt management risk, poor profit margins and generally disappointing stock performance.
You can view the full analysis from the report here: EAC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.