Great Lakes Advisors LLC Purchases New Position in Ormat Technologies, Inc. $ORA

Great Lakes Advisors LLC purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,678 shares of the energy company’s stock, valued at approximately $3,776,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Ormat Technologies during the 4th quarter worth approximately $26,000. Main Street Group LTD purchased a new position in shares of Ormat Technologies in the 1st quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ormat Technologies during the 4th quarter worth $31,000. Smartleaf Asset Management LLC lifted its position in Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after acquiring an additional 211 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Ormat Technologies in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Wall Street Analyst Weigh In

ORA has been the topic of a number of research analyst reports. Roth Capital reissued a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 price target on shares of Ormat Technologies in a research report on Monday, August 10th. JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Piper Sandler raised their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $130.83.

Insider Buying and Selling

In other news, Director Stanley Stern sold 250 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the sale, the director owned 5,800 shares in the company, valued at approximately $802,836. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Ormat Technologies Trading Down 1.8%

Shares of ORA stock opened at $108.32 on Friday. The business’s 50 day moving average is $111.50 and its two-hundred day moving average is $116.74. Ormat Technologies, Inc. has a twelve month low of $89.08 and a twelve month high of $146.39. The company has a market capitalization of $6.66 billion, a P/E ratio of 53.36, a price-to-earnings-growth ratio of 4.46 and a beta of 0.90. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities analysts forecast that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is presently 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.