California State Teachers Retirement System Grows Stock Position in Ormat Technologies, Inc. $ORA

Key Points

• California State Teachers Retirement System increased its Ormat Technologies stake by 1.3% in the second quarter, owning 70,532 shares valued at approximately $7.68 million. Institutional investors collectively hold 95.49% of the company.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $130.75, despite some hold and sell ratings.
• Ormat reported stronger-than-expected quarterly results, with earnings of $0.50 per share and revenue of $258.76 million, up 10.6% year over year. The company also declared a quarterly dividend of $0.12 per share.

California State Teachers Retirement System lifted its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,532 shares of the energy company's stock after purchasing an additional 873 shares during the period. California State Teachers Retirement System owned about 0.11% of Ormat Technologies worth $7,680,935 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Readystate Asset Management LP acquired a new stake in shares of Ormat Technologies in the 2nd quarter valued at about $3,165,000. AlphaGrep UK Ltd acquired a new stake in Ormat Technologies during the 2nd quarter worth $705,000. Nwam LLC boosted its position in Ormat Technologies by 81.1% during the 2nd quarter. Nwam LLC now owns 4,192 shares of the energy company's stock worth $457,000 after acquiring an additional 1,877 shares during the last quarter. Teza Capital Management LLC acquired a new stake in shares of Ormat Technologies during the 2nd quarter worth about $352,000. Finally, Two Sigma Securities LLC bought a new stake in Ormat Technologies during the second quarter worth $473,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ORA. JPMorgan Chase & Co. boosted their target price on Ormat Technologies from $122.00 to $131.00 and gave the company a "neutral" rating in a research note on Wednesday, September 9th. Jefferies Financial Group reiterated a "hold" rating and set a $117.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Finally, Wall Street Zen downgraded Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $130.75.

Ormat Technologies Stock Performance

ORA stock traded down $0.11 during trading hours on Tuesday, hitting $91.97. 694,533 shares of the stock were exchanged, compared to its average volume of 862,749. The company has a 50-day simple moving average of $105.04 and a two-hundred day simple moving average of $114.53. The firm has a market capitalization of $5.66 billion, a P/E ratio of 45.32, a P/E/G ratio of 3.84 and a beta of 0.90. 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 12 month low of $90.97 and a 12 month high of $146.39.

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

Ormat Technologies Dividend Announcement

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

Ormat Technologies 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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