Ormat Technologies, Inc. $ORA Holdings Lifted by M&G PLC

M&G PLC boosted its position in Ormat Technologies, Inc. (NYSE:ORA) by 35.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 21,507 shares of the energy company’s stock after purchasing an additional 5,687 shares during the period. M&G PLC’s holdings in Ormat Technologies were worth $1,957,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Main Street Group LTD purchased a new position in Ormat Technologies in the first quarter worth $29,000. Quantbot Technologies LP bought a new position in Ormat Technologies in the 2nd quarter valued at $33,000. Allworth Financial LP purchased a new stake in shares of Ormat Technologies during the 2nd quarter valued at $40,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Ormat Technologies during the 2nd quarter valued at $46,000. Finally, Root Financial Partners LLC purchased a new stake in shares of Ormat Technologies during the 3rd quarter valued at $42,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

Ormat Technologies stock opened at $93.49 on Thursday. Ormat Technologies, Inc. has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The stock’s 50 day simple moving average is $93.07 and its two-hundred day simple moving average is $110.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.92. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 43.48, a PEG ratio of 3.21 and a beta of 0.89.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.23. The firm had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 EPS. As a group, analysts expect that Ormat Technologies, Inc. will post 2.88 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is 22.33%.

Wall Street Analysts Forecast Growth

ORA has been the topic of several research reports. Zacks Research raised shares of Ormat Technologies from a “strong sell” rating to a “hold” rating in a research report on Monday. Jefferies Financial Group reissued a “hold” rating and set a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Royal Bank Of Canada restated an “outperform” rating and issued a $130.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Piper Sandler dropped their price objective on Ormat Technologies from $142.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 11th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $124.15.

Ormat Technologies Company 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.