Bridge Creek Capital Management LLC Takes Position in Ormat Technologies, Inc. (ORA)

Bridge Creek Capital Management LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 23,955 shares of the energy company’s stock, valued at approximately $1,406,000.

A number of other institutional investors have also recently added to or reduced their stakes in ORA. Vanguard Group Inc. increased its position in Ormat Technologies by 5.8% in the first quarter. Vanguard Group Inc. now owns 3,223,631 shares of the energy company’s stock worth $184,006,000 after buying an additional 177,288 shares in the last quarter. BlackRock Inc. increased its position in Ormat Technologies by 6,068.3% in the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock worth $141,210,000 after buying an additional 2,433,766 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Ormat Technologies by 5.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,430,513 shares of the energy company’s stock worth $81,654,000 after buying an additional 70,927 shares in the last quarter. Renaissance Technologies LLC increased its position in Ormat Technologies by 24.3% in the first quarter. Renaissance Technologies LLC now owns 921,157 shares of the energy company’s stock worth $52,580,000 after buying an additional 179,900 shares in the last quarter. Finally, State Street Corp increased its position in Ormat Technologies by 4.9% in the first quarter. State Street Corp now owns 724,132 shares of the energy company’s stock worth $41,332,000 after buying an additional 34,005 shares in the last quarter. Hedge funds and other institutional investors own 45.96% of the company’s stock.

Shares of Ormat Technologies, Inc. (NYSE ORA) traded up 0.46% on Monday, hitting $59.30. 92,492 shares of the stock traded hands. Ormat Technologies, Inc. has a 52 week low of $45.15 and a 52 week high of $61.49. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 29.92 and a beta of 1.19. The stock has a 50 day moving average price of $58.91 and a 200-day moving average price of $57.35.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Monday, May 8th. The energy company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.05. The business had revenue of $189.90 million for the quarter, compared to analyst estimates of $177.42 million. Ormat Technologies had a net margin of 14.26% and a return on equity of 10.05%. Ormat Technologies’s revenue was up 25.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 EPS. On average, equities research analysts forecast that Ormat Technologies, Inc. will post $2.30 EPS for the current year.

A number of equities analysts have recently commented on ORA shares. Cowen and Company set a $67.00 price objective on shares of Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, July 17th. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Friday, May 12th. Oppenheimer Holdings, Inc. set a $65.00 target price on shares of Ormat Technologies and gave the company a “buy” rating in a research note on Thursday, May 4th. BidaskClub upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Barclays PLC upgraded shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $54.00 to $59.00 in a research note on Friday, May 26th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $65.25.

In other Ormat Technologies news, VP Shimon Hatzir sold 3,074 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $61.20, for a total transaction of $188,128.80. Following the completion of the sale, the vice president now owns 3,074 shares of the company’s stock, valued at approximately $188,128.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert F. Clarke sold 15,000 shares of the stock in a transaction on Friday, May 12th. The shares were sold at an average price of $56.97, for a total transaction of $854,550.00. Following the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $427,275. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,833,033 shares of company stock worth $617,542,760. 22.97% of the stock is owned by insiders.

About Ormat Technologies

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.