Tidal Investments LLC Sells 24,124 Shares of Ormat Technologies, Inc. $ORA

Tidal Investments LLC lessened its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 37.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,573 shares of the energy company’s stock after selling 24,124 shares during the quarter. Tidal Investments LLC’s holdings in Ormat Technologies were worth $4,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC increased its position in Ormat Technologies by 324.1% in the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after buying an additional 19,043 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Ormat Technologies during the 1st quarter valued at about $243,000. Empowered Funds LLC grew its stake in shares of Ormat Technologies by 7.3% during the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after acquiring an additional 286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Ormat Technologies by 22.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock valued at $16,593,000 after acquiring an additional 43,483 shares during the period. Finally, Intech Investment Management LLC increased its holdings in Ormat Technologies by 10.5% in the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after acquiring an additional 2,329 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Up 0.2%

Shares of ORA opened at $95.12 on Monday. 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 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. Ormat Technologies, Inc. has a 1 year low of $90.77 and a 1 year high of $146.39. The business’s 50 day simple moving average is $105.47 and its 200-day simple moving average is $114.70.

Ormat Technologies (NYSE:ORA) last posted its 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. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. During the same period last year, the firm posted $0.48 earnings per share. Ormat Technologies’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

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

Analysts Set New Price Targets

ORA has been the subject of a number of analyst reports. Jefferies Financial Group reiterated a “hold” rating and issued a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday. Piper Sandler increased their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. JPMorgan Chase & Co. lifted their price objective on shares of Ormat Technologies from $122.00 to $131.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Royal Bank Of Canada reissued an “outperform” rating and issued a $130.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. Finally, Sanford C. Bernstein raised shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price for the company in a research note on Friday, September 4th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $130.75.

Ormat Technologies 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.