Readystate Asset Management LP Buys New Shares in Ormat Technologies, Inc. $ORA

Readystate Asset Management LP bought a new position in Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, Holdings Channel.com reports. The firm bought 29,060 shares of the energy company’s stock, valued at approximately $3,165,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jupiter Topco LLC acquired a new position in Ormat Technologies in the 2nd quarter worth approximately $2,979,000. Deutsche Bank AG acquired a new stake in Ormat Technologies during the 2nd quarter valued at approximately $42,015,000. Legato Capital Management LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter valued at $1,319,000. Trillium Asset Management LLC purchased a new stake in shares of Ormat Technologies in the 2nd quarter valued at $16,106,000. Finally, Nicholas Investment Partners LP acquired a new stake in shares of Ormat Technologies in the fourth quarter worth $4,835,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $105.38 on Monday. The firm has a market cap of $6.48 billion, a PE ratio of 51.91, a P/E/G ratio of 4.26 and a beta of 0.90. Ormat Technologies, Inc. has a twelve month low of $89.70 and a twelve month high of $146.39. 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 business has a 50-day moving average price of $106.48 and a 200 day moving average price of $115.35.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data 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 company had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.Ormat Technologies’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $0.48 earnings per share. Sell-side analysts predict that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is currently 23.65%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ORA. Barclays decreased their target price 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. Oppenheimer cut their price target on Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Roth Capital reissued a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Piper Sandler upped their target price on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Finally, Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price on the stock in a report on Friday. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.83.

About Ormat Technologies

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.