Bank of New York Mellon Corp reduced its position in Ormat Technologies, Inc. (NYSE:ORA) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 274,144 shares of the energy company’s stock after selling 5,438 shares during the quarter. Bank of New York Mellon Corp owned about 0.55% of Ormat Technologies worth $16,737,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in ORA. Russell Investments Group Ltd. boosted its position in shares of Ormat Technologies by 135.8% in the second quarter. Russell Investments Group Ltd. now owns 42,225 shares of the energy company’s stock valued at $2,478,000 after acquiring an additional 24,320 shares during the period. Sei Investments Co. boosted its position in shares of Ormat Technologies by 2.2% in the second quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock valued at $133,000 after acquiring an additional 49 shares during the period. IFP Advisors Inc boosted its position in shares of Ormat Technologies by 17.6% in the second quarter. IFP Advisors Inc now owns 3,175 shares of the energy company’s stock valued at $186,000 after acquiring an additional 475 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Ormat Technologies by 5.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 165,964 shares of the energy company’s stock valued at $9,739,000 after acquiring an additional 8,910 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Ormat Technologies by 135.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 7,300 shares of the energy company’s stock valued at $431,000 after acquiring an additional 4,200 shares during the period. Institutional investors own 46.34% of the company’s stock.
A number of brokerages recently weighed in on ORA. Oppenheimer reaffirmed a “buy” rating and issued a $70.00 target price (up from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. TheStreet raised shares of Ormat Technologies from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Roth Capital set a $70.00 target price on shares of Ormat Technologies and gave the company a “buy” rating in a research note on Monday, November 13th. Finally, Zacks Investment Research raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Thursday, October 5th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Ormat Technologies currently has a consensus rating of “Buy” and a consensus target price of $66.88.
Shares of Ormat Technologies, Inc. (NYSE ORA) opened at $63.07 on Tuesday. The firm has a market cap of $3,132.47, a P/E ratio of 27.39, a P/E/G ratio of 2.08 and a beta of 1.23. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.72 and a quick ratio of 1.62. Ormat Technologies, Inc. has a one year low of $51.44 and a one year high of $66.46.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). The company had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $159.02 million. Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The company’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 earnings per share. equities analysts anticipate that Ormat Technologies, Inc. will post 2.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Monday, November 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 13.73%.
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Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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