Ranger Investment Management L.P. purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 107,950 shares of the energy company's stock, valued at approximately $12,082,000. Ranger Investment Management L.P. owned 0.18% of Ormat Technologies at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in ORA. Norges Bank acquired a new stake in shares of Ormat Technologies during the fourth quarter worth $86,545,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock valued at $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock worth $89,928,000 after acquiring an additional 413,384 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock worth $128,469,000 after acquiring an additional 282,583 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in Ormat Technologies in the 2nd quarter worth about $18,310,000. Institutional investors own 95.49% of the company's stock.
Analyst Ratings Changes
ORA has been the topic of a number of analyst reports. Barclays increased their target price on shares of Ormat Technologies from $126.00 to $127.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Sanford C. Bernstein assumed coverage on Ormat Technologies in a research note on Tuesday, June 16th. They issued an "underperform" rating and a $115.00 price target for the company. Roth Capital reissued a "buy" rating and set a $135.00 price target on shares of Ormat Technologies in a research report on Monday, May 11th. Oppenheimer reaffirmed an "outperform" rating and issued a $144.00 price objective on shares of Ormat Technologies in a report on Friday, May 8th. Finally, Wolfe Research assumed coverage on Ormat Technologies in a research report on Monday, June 8th. They set a "peer perform" rating for the company. Eight equities 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 MarketBeat.com, Ormat Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $131.75.
Read Our Latest Report on ORA
Insider Buying and Selling at Ormat Technologies
In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the completion of the transaction, the chief financial officer owned 1,970 shares of the company's stock, valued at approximately $265,457.50. The trade was a 90.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Granot sold 1,766 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares of the company's stock, valued at $237,403.38. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 30,585 shares of company stock worth $4,090,998 over the last quarter. 0.50% of the stock is currently owned by company insiders.
Ormat Technologies Stock Performance
Shares of Ormat Technologies stock opened at $98.48 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The company has a market cap of $6.05 billion, a PE ratio of 47.81, a price-to-earnings-growth ratio of 4.35 and a beta of 0.88. The company has a 50 day moving average of $122.16 and a 200-day moving average of $118.48. Ormat Technologies, Inc. has a 1-year low of $84.13 and a 1-year high of $146.39.
Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. During the same period last year, the firm posted $0.68 earnings per share. The firm's quarterly revenue was up 75.8% compared to the same quarter last year. As a group, equities research analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.
Ormat Technologies Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, May 20th. Ormat Technologies's dividend payout ratio is currently 23.30%.
Ormat Technologies Company Profile
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Free Report)
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.
Further Reading
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