Nicholas Investment Partners LP Purchases Shares of 45,294 Ormat Technologies, Inc. $ORA

Key Points

• Nicholas Investment Partners acquired 45,294 shares of Ormat Technologies worth approximately $4.93 million, while institutional investors and hedge funds collectively own 95.49% of the company.
• Ormat reported quarterly earnings of $0.50 per share, surpassing the $0.26 analyst consensus, as revenue rose 10.6% year over year to $258.76 million.
• The company declared a quarterly dividend of $0.12 per share, equal to an annualized $0.48 payout and a 0.5% yield; analysts maintain a “Moderate Buy” consensus with a $130.83 average price target.

Nicholas Investment Partners LP acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 45,294 shares of the energy company's stock, valued at approximately $4,933,000. Nicholas Investment Partners LP owned about 0.07% of Ormat Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Ormat Technologies during the 2nd quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Ormat Technologies in the 2nd quarter worth approximately $259,568,000. Norges Bank acquired a new position in shares of Ormat Technologies in the 4th quarter worth approximately $86,545,000. Legal & General Group Plc bought a new stake in shares of Ormat Technologies in the 2nd quarter valued at $77,650,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after purchasing an additional 413,384 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $105.35 on Tuesday. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of 51.90, a PEG ratio of 4.38 and a beta of 0.90. The business has a 50-day simple moving average of $110.23 and a 200 day simple moving average of $116.45. Ormat Technologies, Inc. has a one year low of $89.08 and a one year high of $146.39. 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 (NYSE:ORA - Get Free Report) last released its quarterly 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. The company had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm's revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.48 earnings per share. On average, research analysts anticipate that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies's dividend payout ratio (DPR) is 23.65%.

Analyst Ratings Changes

A number of brokerages recently weighed in on ORA. Piper Sandler lifted their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Barclays cut their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating on the stock in a research report on Monday, August 10th. Wall Street Zen lowered Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Roth Capital reissued a "buy" rating and issued a $135.00 price objective on shares of Ormat Technologies in a research report on Monday, May 11th. Finally, UBS Group boosted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $130.83.

Insiders Place Their Bets

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the transaction, the director owned 5,800 shares of the company's stock, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.

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