1,594,474 Shares in Ormat Technologies, Inc. $ORA Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board purchased a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, Holdings Channel reports. The fund purchased 1,594,474 shares of the energy company’s stock, valued at approximately $173,638,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nicholas Investment Partners LP acquired a new position in shares of Ormat Technologies in the 2nd quarter worth approximately $4,933,000. Legal & General Group Plc acquired a new stake in shares of Ormat Technologies in the second quarter valued at $77,650,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Ormat Technologies in the second quarter valued at $6,427,000. Ranger Investment Management L.P. bought a new position in shares of Ormat Technologies in the second quarter valued at about $24,404,000. Finally, Clal Insurance Enterprises Holdings Ltd bought a new stake in Ormat Technologies during the 2nd quarter worth about $259,568,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Trading Down 2.9%

Shares of NYSE:ORA opened at $103.15 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The business has a 50 day moving average of $109.22 and a 200-day moving average of $116.18. Ormat Technologies, Inc. has a 12-month low of $89.08 and a 12-month high of $146.39. The stock has a market cap of $6.34 billion, a PE ratio of 50.81, a P/E/G ratio of 4.30 and a beta of 0.90.

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

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio is currently 23.65%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ORA shares. UBS Group boosted their price objective on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Barclays dropped their target price on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research report on Monday, August 10th. Piper Sandler increased their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. Finally, Wolfe Research initiated coverage on Ormat Technologies in a research report on Monday, June 8th. They issued a “peer perform” rating for the company. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Profile

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.