Ormat Technologies, Inc. $ORA Shares Bought by Van Berkom & Associates Inc.

Key Points

• Van Berkom & Associates increased its Ormat Technologies stake by 47.2% in the third quarter, adding 226,654 shares to hold 706,446 shares worth about $64.6 million. Institutional investors collectively own 95.49% of the company.
• Ormat beat quarterly earnings and revenue expectations, reporting EPS of $0.56 versus a $0.33 consensus and revenue of $275.12 million; revenue rose 10.2% year over year.
• The company declared a quarterly dividend of $0.12 per share. Analysts’ consensus rating is Moderate Buy, with an average price target of $124.15.

Van Berkom & Associates Inc. boosted its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 47.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 706,446 shares of the energy company's stock after buying an additional 226,654 shares during the period. Ormat Technologies makes up 2.3% of Van Berkom & Associates Inc.'s investment portfolio, making the stock its 19th biggest holding. Van Berkom & Associates Inc. owned approximately 1.15% of Ormat Technologies worth $64,633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in Ormat Technologies during the second quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $259,568,000. Canada Pension Plan Investment Board bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock worth $128,469,000 after purchasing an additional 282,583 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in Ormat Technologies in the 2nd quarter worth approximately $77,650,000. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Stock Up 2.9%

Shares of NYSE:ORA opened at $94.53 on Tuesday. Ormat Technologies, Inc. has a 1 year low of $85.77 and a 1 year high of $146.39. The company has a market cap of $5.81 billion, a PE ratio of 43.97, a P/E/G ratio of 3.50 and a beta of 0.89. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The stock's 50-day moving average is $93.54 and its 200 day moving average is $110.79.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.23. The firm had revenue of $275.12 million for the quarter, compared to analysts' expectations of $248.36 million. Ormat Technologies had a return on equity of 6.94% and a net margin of 11.07%. The business's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 earnings per share. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.78 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be given 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 of this dividend is Wednesday, November 18th. Ormat Technologies's payout ratio is presently 22.33%.

Analysts Set New Price Targets

Several research firms have weighed in on ORA. Piper Sandler lowered their price target on Ormat Technologies from $142.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday. Wall Street Zen raised Ormat Technologies from a "strong sell" rating to a "sell" rating in a report on Sunday, October 11th. JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $98.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $112.00 target price on shares of Ormat Technologies in a research note on Friday. Finally, Barclays decreased their price target on shares of Ormat Technologies from $122.00 to $113.00 and set an "overweight" rating on the stock in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has issued 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 $124.15.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company's activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.

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