Ormat Technologies, Inc. $ORA Stock Purchased by Phoenix Financial Ltd.

Key Points

• Phoenix Financial increased its Ormat Technologies stake by 191.3% in the third quarter, to 1.61 million shares worth about $147.7 million, or 2.63% of the company.
• Ormat reported quarterly EPS of $0.56, beating the $0.33 consensus estimate, while revenue rose 10.2% year over year to $275.1 million.
• Analysts have a Moderate Buy consensus and an average price target of $124.15. Shares recently traded at $90.28, and the company declared a quarterly dividend of $0.12 per share.

Phoenix Financial Ltd. lifted its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 191.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,614,749 shares of the energy company's stock after acquiring an additional 1,060,468 shares during the quarter. Ormat Technologies makes up 1.0% of Phoenix Financial Ltd.'s portfolio, making the stock its 27th biggest position. Phoenix Financial Ltd. owned 2.63% of Ormat Technologies worth $147,733,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. increased its position in Ormat Technologies by 0.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 115,600 shares of the energy company's stock valued at $10,576,000 after purchasing an additional 569 shares during the period. Van Berkom & Associates Inc. raised its holdings in Ormat Technologies by 47.2% in the 3rd quarter. Van Berkom & Associates Inc. now owns 706,446 shares of the energy company's stock worth $64,633,000 after purchasing an additional 226,654 shares in the last quarter. M&G PLC raised its holdings in Ormat Technologies by 35.9% in the 3rd quarter. M&G PLC now owns 21,507 shares of the energy company's stock worth $1,957,000 after purchasing an additional 5,687 shares in the last quarter. Fulcrum Asset Management LLP bought a new position in Ormat Technologies in the 3rd quarter worth $87,000. Finally, Ethic Inc. lifted its position in shares of Ormat Technologies by 22.8% in the 3rd quarter. Ethic Inc. now owns 14,764 shares of the energy company's stock worth $1,351,000 after purchasing an additional 2,743 shares during the period. Hedge funds and other institutional investors own 95.49% of the company's stock.

Wall Street Analyst Weigh In

ORA has been the topic of a number of research reports. Barclays cut their target price on shares of Ormat Technologies from $122.00 to $113.00 and set an "overweight" rating on the stock in a research note on Friday, November 6th. Piper Sandler reduced their price target on shares of Ormat Technologies from $142.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday, November 9th. TD Cowen raised shares of Ormat Technologies to a "strong-buy" rating in a research note on Monday, October 5th. Sanford C. Bernstein restated a "market perform" rating and issued a $112.00 price objective on shares of Ormat Technologies in a report on Friday, November 6th. Finally, Zacks Research raised Ormat Technologies from a "strong sell" rating to a "hold" rating in a research report on Monday, November 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, Ormat Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $124.15.

Ormat Technologies Stock Down 0.2%

NYSE:ORA traded down $0.17 during trading hours on Friday, reaching $90.28. 710,433 shares of the company traded hands, compared to its average volume of 881,697. The business's 50-day moving average price is $92.51 and its two-hundred day moving average price is $110.15. The stock has a market capitalization of $5.55 billion, a P/E ratio of 41.99, a P/E/G ratio of 3.14 and a beta of 0.89. Ormat Technologies, Inc. has a 1 year low of $85.77 and a 1 year high of $146.39. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.33 by $0.23. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The business had revenue of $275.12 million for the quarter, compared to the consensus estimate of $248.36 million. During the same period in the previous year, the company posted $0.41 earnings per share. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts predict that Ormat Technologies, Inc. will post 2.88 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 18th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, November 18th. Ormat Technologies's payout ratio is currently 22.33%.

Ormat Technologies 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.

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