BlackRock Inc. Takes $896.37 Million Position in Ormat Technologies, Inc. $ORA

Key Points

• BlackRock acquired 8.23 million Ormat Technologies shares worth approximately $896.4 million, giving it a 13.39% stake. Institutional investors collectively own 95.49% of the company.
• Ormat reported a strong quarter, with EPS of $0.50 versus the $0.26 consensus estimate and revenue of $258.76 million, up 10.6% year over year. Analysts expect full-year EPS of $2.47.
• The company declared a quarterly dividend of $0.12, equivalent to $0.48 annually and a 0.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $130.83, above the reported $108.62 share price.

BlackRock Inc. acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 8,231,164 shares of the energy company's stock, valued at approximately $896,374,000. BlackRock Inc. owned about 13.39% of Ormat Technologies as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in shares of Ormat Technologies by 324.1% in the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock valued at $1,740,000 after acquiring an additional 19,043 shares during the period. United Services Automobile Association purchased a new position in Ormat Technologies during the 1st quarter worth $243,000. Empowered Funds LLC grew its position in Ormat Technologies by 7.3% during the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock worth $297,000 after purchasing an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Ormat Technologies by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock valued at $16,593,000 after purchasing an additional 43,483 shares during the period. Finally, Intech Investment Management LLC raised its holdings in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock valued at $1,740,000 after buying an additional 2,329 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

Ormat Technologies Stock Up 0.3%

ORA opened at $108.62 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. Ormat Technologies, Inc. has a 12 month low of $89.08 and a 12 month high of $146.39. The stock has a market capitalization of $6.68 billion, a P/E ratio of 53.51, a P/E/G ratio of 4.38 and a beta of 0.90. The business has a 50 day simple moving average of $110.90 and a 200-day simple moving average of $116.68.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm had revenue of $258.76 million during the quarter, compared to analysts' expectations of $240.03 million. During the same quarter in the prior year, the business posted $0.48 earnings per share. Ormat Technologies's revenue was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business 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 yield of 0.4%. Ormat Technologies's dividend payout ratio (DPR) is 23.65%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price target on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Wall Street Zen downgraded Ormat Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Sanford C. Bernstein restated an "underperform" rating and set a $112.00 price target on shares of Ormat Technologies in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. increased their price target on Ormat Technologies from $106.00 to $123.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and a consensus target price of $130.83.

Insider Transactions at Ormat Technologies

In other news, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares in the company, valued at approximately $802,836. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.50% of the company's stock.

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.

Want to see what other hedge funds are holding ORA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ormat Technologies, Inc. (NYSE:ORA - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source