Bridge Creek Capital Management LLC bought a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,955 shares of the energy company’s stock, valued at approximately $1,406,000.
Several other institutional investors have also made changes to their positions in ORA. Vanguard Group Inc. increased its position in shares of 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 during the period. 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 during the period. 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 during the period. 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 during the period. Institutional investors own 45.91% of the company’s stock.
Ormat Technologies, Inc. (ORA) opened at 58.02 on Tuesday. The stock has a 50 day moving average price of $58.85 and a 200 day moving average price of $57.52. The company has a market cap of $2.88 billion, a P/E ratio of 29.27 and a beta of 1.20. Ormat Technologies, Inc. has a 1-year low of $45.30 and a 1-year high of $61.49.
Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a return on equity of 10.39% and a net margin of 15.36%. The firm had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. During the same quarter last year, the company posted $0.49 earnings per share. The business’s revenue was up 12.2% on a year-over-year basis. On average, equities research analysts anticipate that Ormat Technologies, Inc. will post $2.32 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, August 11th. Ormat Technologies’s dividend payout ratio is currently 14.61%.
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A number of research firms have issued reports on ORA. Oppenheimer Holdings, Inc. set a $65.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Friday, May 12th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. BidaskClub raised Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Cowen and Company set a $67.00 price objective on Ormat Technologies and gave the company a “buy” rating in a research report on Monday, July 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $65.38.
In related news, CEO Isaac Angel sold 250,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $57.00, for a total transaction of $14,250,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Zvi Krieger sold 7,704 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $57.81, for a total value of $445,368.24. Following the transaction, the vice president now directly owns 7,704 shares in the company, valued at approximately $445,368.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,083,033 shares of company stock worth $631,792,760. Corporate insiders own 22.97% of the company’s stock.
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.
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