Brasada Capital Management LP Purchases New Position in Ormat Technologies, Inc. $ORA

Brasada Capital Management LP acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the energy company’s stock, valued at approximately $544,000.

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

Ormat Technologies Stock Performance

Ormat Technologies stock opened at $105.09 on Friday. 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, Inc. has a 1 year low of $89.08 and a 1 year high of $146.39. The company has a market cap of $6.46 billion, a PE ratio of 51.77, a PEG ratio of 4.18 and a beta of 0.90. The company’s 50-day moving average is $108.77 and its two-hundred day moving average is $116.05.

Ormat Technologies (NYSE:ORA) last issued 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 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 quarter in the previous year, the company earned $0.48 EPS. Ormat Technologies’s revenue was up 10.6% on a year-over-year basis. Equities analysts anticipate that Ormat Technologies, Inc. will post 2.47 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be paid a dividend of $0.12 per share. 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 payout ratio is 23.65%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. UBS Group raised their target price on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Wolfe Research initiated coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating on the stock. Piper Sandler raised 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. Finally, Oppenheimer dropped 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. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.83.

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.