Legal & General Group Plc Acquires Shares of 713,040 Ormat Technologies, Inc. $ORA

Legal & General Group Plc acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 713,040 shares of the energy company’s stock, valued at approximately $77,650,000. Legal & General Group Plc owned 1.16% of Ormat Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Ormat Technologies during the 2nd quarter valued at $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of Ormat Technologies in the second quarter valued at about $259,568,000. Norges Bank bought a new position in shares of Ormat Technologies during the fourth quarter valued at about $86,545,000. Canada Pension Plan Investment Board raised its stake in shares of Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after acquiring an additional 413,384 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Ormat Technologies during the second quarter worth about $42,015,000. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $105.09 on Friday. Ormat Technologies, Inc. has a 1 year low of $89.08 and a 1 year high of $146.39. The stock has a market capitalization of $6.46 billion, a P/E ratio of 51.77, a P/E/G ratio of 4.18 and a beta of 0.90. The company’s 50-day moving average is $108.77 and its 200 day moving average is $116.05. 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 (NYSE:ORA) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. During the same period last year, the business posted $0.48 earnings per share. Ormat Technologies’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Ormat Technologies, Inc. will post 2.47 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently issued reports on ORA. Barclays cut their target price on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $112.00 price target on shares of Ormat Technologies in a research note on Monday, August 10th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.