Jacobs had a diversified portfolio or infrastructure and...

Jacobs had a diversified portfolio or infrastructure and resources contracts back in 2018 which you'd have thought provided a nice natural hedge against each other as one sector was in upswing it usually offset the other. In private hands that's great but it was confusing the hell out of institutional investors who couldn't choose which horse to back so Jacobs sold its ECR business to Worley bailing out of the resources sector. Around the same time Jacobs bought CH2M taking on a ton of debt. I imagine the terms of the sale to Worley required Jacobs to hold ~10% for a period. They probably waited cream the last dividend off the back of the iron ore boom.