Jacobs Engineering Group Inc’s ( JEC - Analyst Report ) growing popularity has earned the company two more contracts recently, one from the Sadara Chemical Company and another from the Port of Houston Authority.

As per the terms of the agreement with Sadara, Jacobs will provide engineering, procurement and construction management (EPCM) services for the construction of the former’s three polyethylene trains.

A joint venture between Saudi Arabian Oil Company and The Dow Chemical Company, Sadara aims to build one of the largest integrated chemical facilities in the world. With its venue at Jubail Industrial City in Saudi Arabia, the complex will have 26 manufacturing units- all expected to be fully operational by 2016.

The other contract from the Port of Houston Authority requires Jacobs to provide engineering services for rehabilitation of Wharves 1 & 2. The contract, expected to be completed by 2014, is likely to fetch more than $50 million for construction and $4.9 million for designing for Jacobs.

Strategic contract wins, like the ones mentioned above, and acquisitions across geographies and services are all in the positive direction and contribute enormously to Jacob’s growth story, fuelling expansion in the quarters ahead. Further, steady backlog, roughly at $15.1 billion at the end of second quarter 2012, and better labour utilization will accelerate growth and enable multiple expansions.

The current Zacks Consensus Estimate for the second quarter is 75 cents, representing a year- over-year increase of 5.95%. Estimates for fiscal years 2012 and 2013 are $2.90 and $3.35, reflecting a year-over-year growth of 9.33% and 15.71%, respectively.

Jacobs Engineering Group Inc. is one of the world's largest engineering and construction companies providing services to a variety of industrial, commercial and government clients across a global network. The company provides stiff competition to other industry players including Fluor Corporation ( FLR - Analyst Report ) and Foster Wheeler AG ( FWLT - Analyst Report ) .

We currently maintain a Neutral recommendation on Jacobs. The stock also bears a Zacks #3 Rank, which implies a short-term (1-3 months) Hold rating.