PowerSecure (POWR) Lands $20 Million Contract, Shares Bullish In Shorter Term

PowerSecure (POWR) announced today it has landed a new contract worth $20 million over the next two years.  The contract calls for transmission and distribution construction as well as maintenance services for two divisions of a major public company that was unnamed in the release.  A third of the revenue will be recognized in 2012 and the remaining the following year.

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Sidney Hinton, CEO of PowerSecure, said, "We are very excited to announce this new contract. 2011 was a record year for our Utility Infrastructure business, and this new two-year award builds on this success. We are committed to delivering great service to these two divisions of a major utility, and demonstrating our strong value proposition."

Technically, POWR looks mighty compelling at current levels.  The stock gapped up back in November after reporting earnings and ran for several days before consolidating gains.  The stock is currently in a bullish triangle formation and appears to be ready to break out of that formation. 

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