Ormat Technologies, Inc. $ORA Stock: Trillium Asset Management LLC Increases Stake

Trillium Asset Management LLC raised its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 29.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 192,088 shares of the energy company’s stock after buying an additional 44,187 shares during the quarter. Trillium Asset Management LLC owned about 0.31% of Ormat Technologies worth $17,574,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Main Street Group LTD bought a new position in shares of Ormat Technologies during the 1st quarter worth approximately $29,000. Quantbot Technologies LP purchased a new stake in Ormat Technologies during the second quarter valued at approximately $33,000. Allworth Financial LP acquired a new stake in Ormat Technologies in the second quarter valued at approximately $40,000. Public Employees Retirement System of Ohio acquired a new stake in Ormat Technologies in the second quarter valued at approximately $46,000. Finally, Root Financial Partners LLC acquired a new stake in Ormat Technologies in the third quarter valued at approximately $42,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

Shares of NYSE:ORA traded down $0.17 on Friday, hitting $90.28. 710,433 shares of the company were exchanged, compared to its average volume of 881,697. The firm has a market capitalization of $5.55 billion, a P/E ratio of 41.99, a price-to-earnings-growth ratio of 3.14 and a beta of 0.89. 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, Inc. has a 1-year low of $85.77 and a 1-year high of $146.39. The stock’s 50 day moving average price is $92.51 and its 200 day moving average price is $110.15.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.23. The firm had revenue of $275.12 million for the quarter, compared to the consensus estimate of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. Sell-side analysts predict that Ormat Technologies, Inc. will post 2.88 EPS 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 paid a $0.12 dividend. 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%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ORA. Morgan Stanley initiated coverage on Ormat Technologies in a research report on Thursday, October 29th. They set an “overweight” rating and a $123.00 price target on the stock. Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 11th. JPMorgan Chase & Co. boosted their target price on Ormat Technologies from $98.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, November 6th. Piper Sandler dropped their target price on Ormat Technologies from $142.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday, November 9th. Finally, TD Cowen raised Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $124.15.

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.