Ormat Technologies, Inc. $ORA Position Lifted by Van Berkom & Associates Inc.

Van Berkom & Associates Inc. increased its position in Ormat Technologies, Inc. (NYSE:ORA) by 47.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 706,446 shares of the energy company’s stock after purchasing an additional 226,654 shares during the period. Ormat Technologies comprises 2.3% of Van Berkom & Associates Inc.’s investment portfolio, making the stock its 19th largest position. Van Berkom & Associates Inc.’s holdings in Ormat Technologies were worth $64,633,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ORA. M&G PLC boosted its holdings in shares of Ormat Technologies by 35.9% during the 3rd quarter. M&G PLC now owns 21,507 shares of the energy company’s stock valued at $1,957,000 after buying an additional 5,687 shares in the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of Ormat Technologies in the 3rd quarter worth about $87,000. Ethic Inc. increased its stake in shares of Ormat Technologies by 22.8% in the 3rd quarter. Ethic Inc. now owns 14,764 shares of the energy company’s stock worth $1,351,000 after acquiring an additional 2,743 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Ormat Technologies by 2.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 10,652 shares of the energy company’s stock worth $975,000 after acquiring an additional 250 shares in the last quarter. Finally, Alps Advisors Inc. increased its stake in shares of Ormat Technologies by 11.1% in the 3rd quarter. Alps Advisors Inc. now owns 68,938 shares of the energy company’s stock worth $6,307,000 after acquiring an additional 6,872 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Up 2.9%

Ormat Technologies stock opened at $94.53 on Tuesday. Ormat Technologies, Inc. has a 12 month low of $85.77 and a 12 month high of $146.39. The stock has a fifty day simple moving average of $93.54 and a two-hundred day simple moving average of $110.79. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 43.97, a PEG ratio of 3.50 and a beta of 0.89.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.23. The firm had revenue of $275.12 million for the quarter, compared to the consensus estimate of $248.36 million. Ormat Technologies had a return on equity of 6.94% and a net margin of 11.07%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. Equities analysts predict that Ormat Technologies, Inc. will post 2.78 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s payout ratio is 22.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ORA shares. TD Cowen raised shares of Ormat Technologies to a “strong-buy” rating in a research note on Monday, October 5th. Barclays lowered their target price on shares of Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating for the company in a report on Friday. Jefferies Financial Group reissued a “hold” rating and issued a $117.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th. Piper Sandler cut their price target on Ormat Technologies from $142.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ormat Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $124.15.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.