General Dynamics Electric Boat (NYSE:GD) recently was awarded two U.S. Navy contracts worth $56.7 million to perform submarine modernization and maintenance work and develop advanced technologies for current and future undersea platforms.

Under the first award, worth $41.6 million, Electric Boat will continue operating the New England Maintenance Manpower Initiative at the Naval Submarine Base in Groton.

Under the terms of the second $15.1 million award, Electric Boat will perform advanced submarine research and development studies in support of a wide range of technology areas including manufacturability, maintainability, survivability, hydrodynamics, acoustics and materials.

General Dynamics (NYSE:GD) has potential upside of 21.7% based on a current price of $62.67 and an average consensus analyst price target of $76.28.

General Dynamics is currently above its 50-day moving average (MA) of $61.49 and should find resistance at its 200-day MA of $68.88.

In the last five trading sessions, the 50-day MA has climbed 0.71% while the 200-day MA has slid 0.4%.

General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation, combat vehicles, weapons systems and munitions, shipbuilding design and construction, and information systems, technologies and services.