Orion Group Holdings (NYSE:ORN) Inc. has entered into a substantial agreement to sell two parcels of land in Harris County, Texas, for approximately $30.5 million. The transaction, announced today, involves the sale of the East and West Jones property, totaling around 341.3 acres, to Capital Development Partners Acquisitions, LLC.
The definitive Purchase and Sale Agreement, dated today, is contingent upon customary due diligence and closing conditions. The closing of the sale is expected to be finalized by September 30, 2024. This agreement marks a significant material transaction for Orion Group Holdings, a company primarily involved in heavy construction and based in Houston, Texas.
Orion Group Holdings, which formerly operated under the name Orion Marine Group Inc ., has its common stock listed on the New York Stock Exchange under the ticker ORN. The company's principal executive offices are located at 12000 Aerospace Suite 300, Houston, Texas.
The details of the agreement are outlined in the full text of the Purchase and Sale Agreement, which is attached as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission. This document provides a more comprehensive description of the terms and conditions of the sale.
This transaction is part of the company's ongoing business operations and is not indicative of an emerging growth company as defined by the SEC. Orion Group Holdings has not elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
The information regarding this land sale is based on a press release statement and the documents filed with the SEC, which serve as the primary source of facts for this report.
In other recent news, Orion Group Holdings has amended its existing credit agreement, introducing significant changes to financial covenants and prepayment schedules. The company's earnings and revenue results have shown promising growth, attributed to effective management changes and favorable industry trends.
Analysts at B.Riley have maintained a Buy rating on Orion Group Holdings and increased the price target to $12.50, crediting the company's growth phase and improved profit margins to recent management changes and a positive marine construction market.
In addition, Orion Group Holdings is set to join the Russell 3000 and Russell 2000 Indices, a move expected to enhance the company's stock visibility and attract a broader range of investors. Craig-Hallum initiated coverage on Orion Group Holdings with a Buy rating and a price target of $14.00, suggesting that the stock is currently undervalued.
In other company news, Richard L. Daerr, Jr. is set to retire from Orion's Board of Directors at the upcoming Annual General Meeting of Stockholders. These are the recent developments for Orion Group Holdings, a company that continues to make strides in its sector.
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