Wednesday, February 21, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A New Contract. Yesterday, after the market close, Orion filed an 8-K disclosing the entry into a sales contract for its 340 acre East West Jones land parcels previously used by the Company as dredge placement areas. The purchase price is approximately $34 million and closing is anticipated on or before June 14, 2024.
A Modest Reduction. This is not the first time Orion has entered into a transaction for the property. Back in April 2023, Orion entered into a contract to sell the parcels for approximately $36 million. While the $2 million reduction in the sales price is not optimal, we view the monetization of another non-core asset to be a positive.
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