Canada Pension Plan Investment Board Has $46.73 Million Stake in Ormat Technologies, Inc. $ORA

Key Points

• The Canada Pension Plan Investment Board significantly increased its stake in Ormat Technologies by 7,951.9%, now holding approximately $46.73 million worth of shares.
• Ormat Technologies reported a quarterly earnings per share of $0.48 and plans to pay a quarterly dividend of $0.12 per share on September 3rd.
• Equities research analysts have varying outlooks on Ormat Technologies, with price targets ranging from $75 to $105 and an average rating of "Moderate Buy."

Canada Pension Plan Investment Board increased its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 7,951.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 660,255 shares of the energy company's stock after acquiring an additional 652,055 shares during the period. Canada Pension Plan Investment Board owned about 1.09% of Ormat Technologies worth $46,726,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Teacher Retirement System of Texas acquired a new stake in shares of Ormat Technologies during the first quarter worth $593,000. Empower Advisory Group LLC raised its holdings in shares of Ormat Technologies by 6.5% during the first quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company's stock worth $15,239,000 after acquiring an additional 13,061 shares during the period. Bayforest Capital Ltd raised its holdings in shares of Ormat Technologies by 2,293.3% during the first quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock worth $479,000 after acquiring an additional 6,490 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after buying an additional 955,883 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Ormat Technologies by 4,485.0% in the 1st quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company's stock valued at $2,820,000 after buying an additional 38,975 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ORA shares. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. UBS Group lifted their price target on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Barclays lowered their price target on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $87.00 to $103.00 in a research note on Wednesday, July 30th. Finally, Cowen reiterated a "hold" rating on shares of Ormat Technologies in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and a consensus price target of $93.30.

Ormat Technologies Stock Down 1.2%

Ormat Technologies stock opened at $91.86 on Friday. The firm has a market capitalization of $5.58 billion, a PE ratio of 42.73, a P/E/G ratio of 4.27 and a beta of 0.68. The company's 50-day moving average is $88.60 and its 200-day moving average is $77.85. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $95.36. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.11. The company had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. Ormat Technologies's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.37 EPS. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies's payout ratio is currently 22.33%.

Insider Activity at Ormat Technologies

In related news, Director Byron G. Wong sold 535 shares of Ormat Technologies stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $91.39, for a total transaction of $48,893.65. Following the completion of the sale, the director owned 8,659 shares of the company's stock, valued at approximately $791,346.01. The trade was a 5.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stanley Stern sold 876 shares of Ormat Technologies stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $91.98, for a total transaction of $80,574.48. Following the sale, the director directly owned 5,261 shares of the company's stock, valued at $483,906.78. The trade was a 14.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,976 shares of company stock worth $1,105,067 over the last ninety days. Company insiders own 0.56% of the company's stock.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.

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