Readystate Asset Management LP Takes Position in Ormat Technologies, Inc. $ORA

Readystate Asset Management LP purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,060 shares of the energy company’s stock, valued at approximately $3,165,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ORA. BlackRock Inc. bought a new stake in shares of Ormat Technologies in the second quarter valued at about $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies during the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board purchased a new position in Ormat Technologies during the second quarter valued at approximately $173,638,000. Norges Bank bought a new position in Ormat Technologies in the fourth quarter worth approximately $86,545,000. Finally, Legal & General Group Plc purchased a new stake in Ormat Technologies during the second quarter worth $77,650,000. Institutional investors own 95.49% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen cut Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Roth Capital reissued a “buy” rating and issued a $135.00 price target on shares of Ormat Technologies in a research report on Monday, May 11th. Sanford C. Bernstein upgraded Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective for the company in a research note on Friday. Piper Sandler raised their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Finally, Barclays reduced their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $130.83.

Ormat Technologies Price Performance

Shares of ORA opened at $105.38 on Monday. The company has a 50 day moving average of $106.48 and a two-hundred day moving average of $115.35. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a twelve month low of $89.70 and a twelve month high of $146.39. The company has a market cap of $6.48 billion, a price-to-earnings ratio of 51.91, a price-to-earnings-growth ratio of 4.26 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. The business had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.48 earnings per share. As a group, analysts predict that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is 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.