Legal & General Group Plc Purchases New Holdings in Ormat Technologies, Inc. $ORA

Legal & General Group Plc acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 713,040 shares of the energy company’s stock, valued at approximately $77,650,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ORA. BlackRock Inc. bought a new position in shares of Ormat Technologies during the second quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Ormat Technologies in the 2nd quarter worth approximately $259,568,000. Norges Bank bought a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $86,545,000. Canada Pension Plan Investment Board boosted its position in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after purchasing an additional 413,384 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Ormat Technologies in the 2nd quarter worth approximately $42,015,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ORA shares. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 price objective on shares of Ormat Technologies in a research report on Monday, August 10th. 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. Barclays cut their target price on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Piper Sandler raised their price target on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Finally, UBS Group lifted their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ormat Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $130.83.

Ormat Technologies Trading Up 1.6%

NYSE:ORA opened at $105.09 on Friday. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 51.77, a PEG ratio of 4.18 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The company’s 50 day moving average price is $108.77 and its 200-day moving average price is $116.05. Ormat Technologies, Inc. has a 52 week low of $89.08 and a 52 week high of $146.39.

Ormat Technologies (NYSE:ORA) last announced 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 company 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%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. On average, equities research analysts forecast 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. 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 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

Ormat Technologies Profile

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.