Ontario Teachers Pension Plan Board Purchases New Position in Ormat Technologies, Inc. $ORA

Ontario Teachers Pension Plan Board acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 26,163 shares of the energy company’s stock, valued at approximately $2,518,000.

Several other institutional investors have also modified their holdings of ORA. Norges Bank bought a new position in shares of Ormat Technologies during the 2nd quarter valued at approximately $56,458,000. Groupama Asset Managment purchased a new position in Ormat Technologies during the second quarter worth $41,880,000. Canada Pension Plan Investment Board boosted its stake in 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 worth $89,928,000 after buying an additional 413,384 shares during the period. Balyasny Asset Management L.P. bought a new position in Ormat Technologies during the second quarter valued at $18,310,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Ormat Technologies in the third quarter valued at $14,005,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Stock Performance

ORA stock opened at $120.95 on Thursday. Ormat Technologies, Inc. has a 1-year low of $64.39 and a 1-year high of $132.58. The business has a 50-day moving average price of $118.25 and a 200 day moving average price of $106.93. The company has a market capitalization of $7.35 billion, a P/E ratio of 55.48, a PEG ratio of 5.03 and a beta of 0.77. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.70.

Wall Street Analyst Weigh In

A number of research firms recently commented on ORA. Citigroup lifted their price target on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday. Roth Mkm set a $139.00 price objective on shares of Ormat Technologies in a research note on Wednesday, January 28th. Barclays cut their target price on Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. TD Cowen raised Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Friday, January 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $129.80.

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.