Ormat Technologies, Inc. $ORA Stock: RWC Asset Management LLP Increases Holdings

RWC Asset Management LLP lifted its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 7.2% during the third quarter, Holdings Channel reports. The fund owned 104,265 shares of the energy company’s stock after purchasing an additional 6,976 shares during the quarter. RWC Asset Management LLP’s holdings in Ormat Technologies were worth $9,539,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of 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 purchased a new stake in Ormat Technologies during the 2nd quarter worth approximately $259,568,000. Canada Pension Plan Investment Board acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after purchasing an additional 282,583 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Ormat Technologies during the 2nd quarter valued at approximately $77,650,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ORA shares. Oppenheimer raised their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Royal Bank Of Canada reiterated an “outperform” rating and set a $130.00 price objective on shares of Ormat Technologies in a research note on Wednesday, September 9th. TD Cowen raised shares of Ormat Technologies to a “strong-buy” rating in a report on Monday, October 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, October 15th. Finally, Wall Street Zen raised shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Ormat Technologies Stock Performance

ORA traded down $0.97 during trading on Friday, reaching $87.13. 614,163 shares of the company were exchanged, compared to its average volume of 881,858. Ormat Technologies, Inc. has a 52 week low of $85.77 and a 52 week high of $146.39. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The firm has a 50 day moving average of $96.86 and a 200 day moving average of $110.79. The stock has a market cap of $5.36 billion, a P/E ratio of 42.92, a PEG ratio of 3.34 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. The business had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 EPS. On average, sell-side analysts forecast that Ormat Technologies, Inc. will post 2.64 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.6%. Ormat Technologies’s dividend payout ratio is 23.65%.

About Ormat Technologies

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.