Ormat Technologies, Inc. $ORA Stock: RWC Asset Management LLP Grows Holdings

RWC Asset Management LLP lifted its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,265 shares of the energy company’s stock after buying an additional 6,976 shares during the period. RWC Asset Management LLP owned approximately 0.17% of Ormat Technologies worth $9,539,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ORA. Main Street Group LTD purchased a new stake in Ormat Technologies during the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ormat Technologies in the 4th quarter worth about $31,000. Quantbot Technologies LP purchased a new position in shares of Ormat Technologies in the 2nd quarter worth about $33,000. Allworth Financial LP acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at about $40,000. Finally, Root Financial Partners LLC acquired a new position in shares of Ormat Technologies in the 3rd quarter valued at about $42,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ORA. Zacks Research downgraded shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, October 9th. TD Cowen raised shares of Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. Sanford C. Bernstein upgraded shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective for the company in a research note on Friday, September 4th. Oppenheimer increased their price objective on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Finally, Barclays dropped their price objective on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $128.00.

Ormat Technologies Stock Down 1.1%

Shares of NYSE ORA traded down $0.97 on Friday, hitting $87.13. The company had a trading volume of 614,163 shares, compared to its average volume of 881,858. Ormat Technologies, Inc. has a 12-month low of $85.77 and a 12-month high of $146.39. The business has a 50 day moving average of $96.86 and a two-hundred day moving average of $110.79. 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 firm has a market capitalization of $5.36 billion, a P/E ratio of 42.92, a PEG ratio of 3.34 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS. As a group, equities research analysts forecast that Ormat Technologies, Inc. will post 2.64 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies’s payout ratio is presently 23.65%.

Ormat Technologies Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.