AGF Management Ltd. Makes New $9.53 Million Investment in Ormat Technologies, Inc. $ORA

AGF Management Ltd. bought a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 98,977 shares of the energy company’s stock, valued at approximately $9,527,000.

Several other large investors have also modified their holdings of the stock. Geode Capital Management LLC grew its stake in Ormat Technologies by 3.4% in the second quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock worth $122,902,000 after purchasing an additional 48,038 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after buying an additional 413,384 shares during the last quarter. Norges Bank acquired a new position in shares of Ormat Technologies in the 2nd quarter worth approximately $56,458,000. Legal & General Group Plc increased its holdings in shares of Ormat Technologies by 1.5% in the 2nd quarter. Legal & General Group Plc now owns 589,645 shares of the energy company’s stock valued at $49,389,000 after acquiring an additional 8,593 shares during the last quarter. Finally, Groupama Asset Managment acquired a new stake in shares of Ormat Technologies during the 2nd quarter valued at approximately $41,880,000. Institutional investors own 95.49% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ORA. Robert W. Baird set a $143.00 price objective on shares of Ormat Technologies in a report on Wednesday, January 14th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a report on Monday, November 24th. UBS Group increased their price objective on shares of Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Piper Sandler raised their target price on shares of Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Finally, Roth Mkm set a $139.00 target price on Ormat Technologies in a report on Wednesday, January 28th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $128.00.

Ormat Technologies Stock Up 0.6%

ORA stock opened at $125.75 on Tuesday. The stock has a market cap of $7.64 billion, a PE ratio of 57.68, a price-to-earnings-growth ratio of 4.95 and a beta of 0.77. The firm’s 50-day simple moving average is $115.68 and its 200 day simple moving average is $104.23. Ormat Technologies, Inc. has a fifty-two week low of $61.93 and a fifty-two week high of $128.97. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The firm had revenue of $249.73 million during the quarter, compared to analysts’ expectations of $235.03 million. During the same quarter in the prior year, the firm earned $0.36 EPS. Ormat Technologies’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Insiders Place Their Bets

In other news, Director Ravit Barniv sold 1,753 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.54, for a total value of $197,282.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Isaac Angel sold 18,018 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.42, for a total value of $2,025,583.56. Following the transaction, the director directly owned 29,650 shares in the company, valued at $3,333,253. This trade represents a 37.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 40,860 shares of company stock valued at $4,601,530. Corporate insiders own 0.56% of the company’s stock.

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.