Ranger Investment Management L.P. purchased a new position in Ormat Technologies, Inc. (NYSE:ORA – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 224,096 shares of the energy company’s stock, valued at approximately $24,404,000. Ormat Technologies makes up approximately 1.5% of Ranger Investment Management L.P.’s portfolio, making the stock its 20th largest holding. Ranger Investment Management L.P. owned 0.36% of Ormat Technologies at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Ormat Technologies in the second quarter valued at about $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in Ormat Technologies in the second quarter worth about $259,568,000. Norges Bank purchased a new stake in shares of Ormat Technologies during the fourth quarter valued at about $86,545,000. Canada Pension Plan Investment Board lifted its position in shares of Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after buying an additional 413,384 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in shares of Ormat Technologies in the 2nd quarter valued at about $42,015,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Ormat Technologies
In other news, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares in the company, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.
Ormat Technologies Stock Performance
Ormat Technologies (NYSE:ORA – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. Ormat Technologies’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $0.48 EPS. As a group, equities analysts anticipate that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.
Ormat Technologies Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ORA. Oppenheimer cut their price objective on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Piper Sandler increased their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Barclays lowered their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $112.00 price target on shares of Ormat Technologies in a report on Monday, August 10th. Finally, Roth Capital reaffirmed a “buy” rating and set a $135.00 price target on shares of Ormat Technologies in a research report on Monday, May 11th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $130.83.
Check Out Our Latest Stock Analysis on ORA
About Ormat Technologies
Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.
Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.
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