Brasada Capital Management LP bought a new position in Ormat Technologies, Inc. (NYSE:ORA – Free Report) during the 2nd quarter, HoldingsChannel reports. The firm bought 5,000 shares of the energy company’s stock, valued at approximately $544,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Ormat Technologies in the 2nd quarter valued at $896,374,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in Ormat Technologies in the second quarter valued at about $259,568,000. Canada Pension Plan Investment Board acquired a new position in Ormat Technologies in the second quarter valued at about $173,638,000. Norges Bank bought a new stake in shares of Ormat Technologies in the fourth quarter worth about $86,545,000. Finally, Legal & General Group Plc acquired a new stake in shares of Ormat Technologies during the second quarter worth about $77,650,000. 95.49% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities analysts recently issued reports on the company. Wolfe Research began coverage on Ormat Technologies in a research report on Monday, June 8th. They issued a “peer perform” rating for the company. Piper Sandler upped their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Oppenheimer lowered their price objective on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Barclays dropped their price objective on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Finally, UBS Group upped their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $130.83.
Ormat Technologies Trading Up 1.6%
NYSE ORA opened at $105.09 on Friday. Ormat Technologies, Inc. has a 52 week low of $89.08 and a 52 week high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The stock’s 50 day moving average price is $108.77 and its two-hundred day moving average price is $116.05. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of 51.77, a PEG ratio of 4.18 and a beta of 0.90.
Ormat Technologies (NYSE:ORA – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same period last year, the business earned $0.48 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.
Ormat Technologies Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given 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 yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is 23.65%.
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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