Ormat Technologies, Inc. $ORA Stock Purchased by M&G PLC

M&G PLC grew its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 35.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,507 shares of the energy company’s stock after buying an additional 5,687 shares during the quarter. M&G PLC’s holdings in Ormat Technologies were worth $1,957,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Ormat Technologies in the second quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in Ormat Technologies during the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board bought a new position in Ormat Technologies during the second quarter valued at approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after purchasing an additional 282,583 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in Ormat Technologies in the second quarter worth approximately $77,650,000. 95.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on ORA. Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th. Royal Bank Of Canada reissued an “outperform” rating and issued a $130.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Morgan Stanley assumed coverage on shares of Ormat Technologies in a report on Thursday, October 29th. They issued an “overweight” rating and a $123.00 price objective on the stock. Sanford C. Bernstein restated a “market perform” rating and set a $112.00 target price on shares of Ormat Technologies in a research report on Friday, November 6th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $117.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Ormat Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.15.

Ormat Technologies Trading Up 1.2%

Ormat Technologies stock opened at $93.49 on Thursday. Ormat Technologies, Inc. has a 12-month low of $85.77 and a 12-month high of $146.39. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of 43.48, a P/E/G ratio of 3.21 and a beta of 0.89. The firm has a 50 day moving average of $93.07 and a 200 day moving average of $110.49. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.23. The business had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.90%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. As a group, research analysts predict that Ormat Technologies, Inc. will post 2.88 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, December 2nd. Stockholders of record on Wednesday, November 18th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 18th. Ormat Technologies’s dividend payout ratio (DPR) is presently 22.33%.

Ormat Technologies Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity. The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.