Equitable Holdings Inc. Makes New $1.14 Million Investment in Ormat Technologies, Inc. $ORA

Equitable Holdings Inc. acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,436 shares of the energy company’s stock, valued at approximately $1,136,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ORA. Aster Capital Management DIFC Ltd bought a new stake in shares of Ormat Technologies during the 4th quarter valued at about $26,000. Main Street Group LTD bought a new stake in Ormat Technologies in the first quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Ormat Technologies in the fourth quarter worth approximately $31,000. Los Angeles Capital Management LLC acquired a new position in Ormat Technologies in the fourth quarter valued at approximately $32,000. Finally, Quantbot Technologies LP acquired a new position in Ormat Technologies in the second quarter valued at approximately $33,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on ORA. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Oppenheimer dropped their target price on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Piper Sandler increased their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, Wall Street Zen cut shares of Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $103.11 on Friday. The business’s fifty day simple moving average is $108.28 and its 200 day simple moving average is $115.96. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 12 month low of $89.08 and a 12 month high of $146.39. The firm has a market capitalization of $6.34 billion, a P/E ratio of 50.79, a price-to-earnings-growth ratio of 4.24 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. During the same quarter in the prior year, the company earned $0.48 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is presently 23.65%.

Ormat Technologies Profile

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.