Deutsche Bank AG Takes $42.02 Million Position in Ormat Technologies, Inc. $ORA

Key Points

• Deutsche Bank acquired 385,812 Ormat Technologies shares worth approximately $42.02 million, giving it a 0.63% stake. Institutional investors collectively own 95.49% of the company.
• Ormat exceeded quarterly expectations, reporting $0.50 in earnings per share versus the $0.26 consensus estimate and revenue of $258.76 million, up 10.6% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $130.83 versus the stock’s recent price of $108.62. The company also declared a quarterly dividend of $0.12 per share.

Deutsche Bank AG acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 385,812 shares of the energy company's stock, valued at approximately $42,015,000. Deutsche Bank AG owned approximately 0.63% of Ormat Technologies at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Glenmede Trust Co. NA boosted its stake in shares of Ormat Technologies by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company's stock worth $274,000 after acquiring an additional 81 shares during the last quarter. Quadrant Capital Group LLC raised its stake in 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 last quarter. State of Wyoming lifted its holdings in Ormat Technologies by 6.7% in the 4th 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 Ormat Technologies by 7.1% in the 4th 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 stake in Ormat Technologies by 2.8% during the 1st quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock worth $610,000 after purchasing an additional 149 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

Ormat Technologies Price Performance

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

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results 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 analysts' expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. Sell-side 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 will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, August 19th. Ormat Technologies's dividend payout ratio (DPR) is presently 23.65%.

Insider Activity

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Piper Sandler boosted their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. Weiss Ratings reiterated a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Barclays cut their price objective on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a report on Monday, August 10th. Finally, UBS Group boosted their target price on Ormat Technologies from $143.00 to $152.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $130.83.

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.

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