Van ECK Associates Corp Sells 226,448 Shares of Ormat Technologies, Inc. $ORA

Van ECK Associates Corp lowered its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 89.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 25,736 shares of the energy company’s stock after selling 226,448 shares during the quarter. Van ECK Associates Corp’s holdings in Ormat Technologies were worth $2,803,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Ormat Technologies during the second quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Ormat Technologies in the second quarter worth $259,568,000. Canada Pension Plan Investment Board bought a new stake in Ormat Technologies in the second quarter valued at $173,638,000. Norges Bank bought a new position in Ormat Technologies in the 4th quarter worth $86,545,000. Finally, Legal & General Group Plc purchased a new stake in shares of Ormat Technologies in the 2nd quarter worth about $77,650,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Stock Down 0.5%

NYSE:ORA opened at $104.19 on Friday. The firm’s 50-day moving average price is $106.70 and its 200-day moving average price is $115.44. The company has a market capitalization of $6.41 billion, a PE ratio of 51.33, a P/E/G ratio of 4.23 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. Ormat Technologies, Inc. has a 1-year low of $89.70 and a 1-year high of $146.39.

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, beating analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same period last year, the company posted $0.48 EPS. Ormat Technologies’s revenue was up 10.6% on a year-over-year basis. On average, equities analysts predict that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ORA. UBS Group lifted their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. increased their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Piper Sandler raised their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. Finally, Oppenheimer reduced their target price on Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Company 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.