Agur Provident & Training Funds Management Ltd. Makes New Investment in Ormat Technologies, Inc. $ORA

Key Points

• Agur Provident & Training Funds Management initiated a position in Ormat Technologies, buying 94,500 shares valued at approximately $9.7 million. The investment represents about 2.3% of the fund’s portfolio, while institutional investors collectively own 95.49% of the stock.
• Analysts maintain a generally positive outlook, with Ormat receiving a consensus “Moderate Buy” rating and an average price target of $130.83, despite several recent target reductions and one downgrade to “Sell.”
• Ormat reported quarterly EPS of $0.50, surpassing the $0.26 consensus estimate, while revenue rose 10.6% year over year to $258.76 million. The company also paid a quarterly dividend of $0.12 per share, equivalent to a 0.5% annualized yield.

Agur Provident & Training Funds Management Ltd. bought a new position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 94,500 shares of the energy company's stock, valued at approximately $9,683,000. Ormat Technologies makes up approximately 2.3% of Agur Provident & Training Funds Management Ltd.'s portfolio, making the stock its 16th largest position. Agur Provident & Training Funds Management Ltd. owned approximately 0.15% of Ormat Technologies as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the business. Glenmede Trust Co. NA boosted its stake in Ormat Technologies by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company's stock worth $274,000 after purchasing an additional 81 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Ormat Technologies by 9.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company's stock valued at $127,000 after purchasing an additional 99 shares during the period. State of Wyoming lifted its holdings in shares of Ormat Technologies by 6.7% in the fourth quarter. State of Wyoming now owns 2,091 shares of the energy company's stock valued at $231,000 after purchasing an additional 131 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Ormat Technologies by 7.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company's stock valued at $239,000 after purchasing an additional 144 shares in the last quarter. Finally, Evexia Wealth LLC boosted its position in shares of Ormat Technologies by 2.8% during the first quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock worth $610,000 after buying an additional 149 shares during the period. 95.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Sanford C. Bernstein upgraded Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price objective for the company in a report on Friday. Oppenheimer reduced their price target on Ormat Technologies from $144.00 to $141.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. Barclays decreased their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a research note on Monday, August 10th. Wall Street Zen downgraded shares of Ormat Technologies from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a research report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Ormat Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $130.83.

Ormat Technologies Price Performance

NYSE:ORA opened at $105.38 on Monday. Ormat Technologies, Inc. has a 12-month low of $89.70 and a 12-month high of $146.39. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of 51.91, a P/E/G ratio of 4.26 and a beta of 0.90. The stock's 50 day moving average price is $106.48 and its two-hundred day moving average price is $115.35. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) 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 the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. On average, analysts anticipate that Ormat Technologies, Inc. will post 2.47 earnings per share for the current year.

Ormat Technologies Dividend Announcement

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 $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies's payout ratio is currently 23.65%.

Ormat Technologies Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.