248,969 Shares in Ormat Technologies, Inc. $ORA Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 248,969 shares of Ormat Technologies in the second quarter, valued at approximately $27.1 million and representing a 0.40% stake. Institutional investors collectively own 95.49% of the company.
• Ormat reported quarterly earnings of $0.50 per share, exceeding analyst expectations of $0.26, while revenue rose 10.6% year over year to $258.76 million.
• The stock recently traded at $95.91, down 1.4%, while analysts maintain a “Moderate Buy” consensus with an average price target of $130.75. Ormat also pays a quarterly dividend of $0.12 per share, equivalent to a 0.5% annual yield.

Bank of America Corp DE purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 248,969 shares of the energy company's stock, valued at approximately $27,113,000. Bank of America Corp DE owned 0.40% of Ormat Technologies at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ORA. Jupiter Topco LLC acquired a new position in Ormat Technologies during the 2nd quarter valued at about $2,979,000. Hsbc Holdings PLC purchased a new stake in Ormat Technologies in the 2nd quarter valued at $1,969,000. Canada Pension Plan Investment Board purchased a new stake in Ormat Technologies in the 2nd quarter valued at $173,638,000. Nicholas Investment Partners LP purchased a new stake in Ormat Technologies in the 2nd quarter valued at $4,933,000. Finally, Legal & General Group Plc bought a new position in Ormat Technologies during the 2nd quarter valued at $77,650,000. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Trading Down 1.4%

Shares of ORA stock opened at $95.91 on Thursday. 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 firm has a market cap of $5.90 billion, a P/E ratio of 47.25, a PEG ratio of 3.74 and a beta of 0.90. The company has a 50 day moving average of $103.08 and a 200-day moving average of $113.91. Ormat Technologies, Inc. has a 12-month low of $90.62 and a 12-month high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.Ormat Technologies's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.6 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies's dividend payout ratio is 23.65%.

Analysts Set New Price Targets

A number of research firms have issued reports on ORA. Sanford C. Bernstein raised shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price objective on the stock in a report on Friday, September 4th. Jefferies Financial Group reiterated a "hold" rating and issued a $117.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the company a "neutral" rating in a research report on Wednesday, September 9th. Oppenheimer boosted their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, September 9th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $130.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $130.75.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat's geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.

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