The Manufacturers Life Insurance Company Buys New Position in Ormat Technologies, Inc. $ORA

The Manufacturers Life Insurance Company acquired a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 59,014 shares of the energy company’s stock, valued at approximately $6,427,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ORA. Ranger Investment Management L.P. acquired a new stake in Ormat Technologies during the second quarter valued at approximately $24,404,000. Clal Insurance Enterprises Holdings Ltd acquired a new stake in Ormat Technologies during the 2nd quarter worth about $259,568,000. Quantbot Technologies LP purchased a new stake in Ormat Technologies during the second quarter valued at about $33,000. Evolve Private Wealth LLC acquired a new position in shares of Ormat Technologies in the second quarter worth about $533,000. Finally, Green Alpha Advisors LLC acquired a new position in shares of Ormat Technologies in the second quarter worth about $660,000. 95.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ORA. Sanford C. Bernstein restated an “underperform” rating and set a $112.00 price target on shares of Ormat Technologies in a report on Monday, August 10th. Wall Street Zen lowered shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Oppenheimer lowered their price objective 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. Piper Sandler boosted their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Finally, Wolfe Research began coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating for the company. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Stock Up 0.1%

Ormat Technologies stock opened at $103.11 on Monday. Ormat Technologies, Inc. has a twelve month low of $89.08 and a twelve month high of $146.39. 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 firm has a market cap of $6.34 billion, a PE ratio of 50.79, a P/E/G ratio of 4.17 and a beta of 0.90. The firm’s 50 day moving average price is $108.28 and its two-hundred day moving average price is $115.91.

Ormat Technologies (NYSE:ORA) last issued its earnings results 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 net margin of 10.66% and a return on equity of 6.61%. The company had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. During the same quarter last year, the business posted $0.48 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts predict that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

About Ormat Technologies

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.