Tidal Investments LLC Trims Stock Position in Ormat Technologies, Inc. $ORA

Key Points

• Tidal Investments reduced its Ormat Technologies stake by 37.3% in the second quarter, selling 24,124 shares and retaining 40,573 shares valued at approximately $4.4 million.
• Other major investors, including Deutsche Bank, Trillium Asset Management, and BlackRock, initiated positions in Ormat; institutional investors collectively own 95.49% of the company.
• Ormat beat quarterly earnings and revenue expectations, reporting $0.50 EPS and $258.76 million in revenue, while analysts maintain a “Moderate Buy” consensus with a $130.75 price target. The company also pays a quarterly dividend of $0.12.

Tidal Investments LLC cut its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 37.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,573 shares of the energy company's stock after selling 24,124 shares during the quarter. Tidal Investments LLC owned about 0.07% of Ormat Technologies worth $4,418,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ORA. Jupiter Topco LLC bought a new stake in Ormat Technologies during the 2nd quarter valued at approximately $2,979,000. Deutsche Bank AG bought a new position in shares of Ormat Technologies in the 2nd quarter worth approximately $42,015,000. Legato Capital Management LLC purchased a new position in shares of Ormat Technologies in the 4th quarter valued at approximately $1,319,000. Trillium Asset Management LLC purchased a new position in shares of Ormat Technologies in the 2nd quarter valued at approximately $16,106,000. Finally, BlackRock Inc. bought a new stake in shares of Ormat Technologies during the second quarter valued at approximately $896,374,000. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $95.12 on Monday. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 46.86, a price-to-earnings-growth ratio of 3.84 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The company's 50-day moving average is $105.47 and its 200 day moving average is $114.70. Ormat Technologies, Inc. has a one year low of $90.77 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.24. The company had revenue of $258.76 million during 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 for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. Sell-side analysts expect that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies's payout ratio is 23.65%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ORA. Barclays decreased their price objective on Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a report on Monday, August 10th. Wolfe Research initiated coverage on shares of Ormat Technologies in a report on Monday, June 8th. They issued a "peer perform" rating on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Piper Sandler boosted their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research report on Monday, May 18th. Finally, Wall Street Zen downgraded Ormat Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $130.75.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat's geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.

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