Commonwealth of Pennsylvania Public School Empls Retrmt SYS Increases Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Posted by Defense World Staff on Aug 18th, 2023

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Ormat Technologies, Inc. (NYSE:ORA – Free Report) by 7.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,642 shares of the energy company’s stock after buying an additional 1,706 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Ormat Technologies were worth $2,004,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ruedi Wealth Management Inc. purchased a new position in Ormat Technologies during the fourth quarter valued at $28,000. Harvest Fund Management Co. Ltd purchased a new position in Ormat Technologies during the fourth quarter valued at $31,000. Belpointe Asset Management LLC purchased a new position in Ormat Technologies during the fourth quarter valued at $36,000. Fifth Third Bancorp increased its holdings in shares of Ormat Technologies by 375.7% during the first quarter. Fifth Third Bancorp now owns 823 shares of the energy company’s stock valued at $70,000 after acquiring an additional 650 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Ormat Technologies by 43.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,008 shares of the energy company’s stock worth $87,000 after buying an additional 303 shares in the last quarter. Hedge funds and other institutional investors own 88.23% of the company’s stock.

Ormat Technologies Stock Up 0.2 %

ORA stock opened at $75.93 on Friday. Ormat Technologies, Inc. has a twelve month low of $75.56 and a twelve month high of $101.81. The company has a quick ratio of 1.69, a current ratio of 1.79 and a debt-to-equity ratio of 0.67. The stock has a market cap of $4.58 billion, a P/E ratio of 48.99, a PEG ratio of 1.52 and a beta of 0.44. The business’s 50-day moving average price is $81.35 and its 200-day moving average price is $84.56.

Ormat Technologies (NYSE:ORA – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The energy company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. Ormat Technologies had a return on equity of 5.17% and a net margin of 11.74%. The firm had revenue of $194.80 million for the quarter, compared to analysts’ expectations of $196.74 million. During the same period in the previous year, the firm earned $0.22 EPS. The business’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities research analysts forecast that Ormat Technologies, Inc. will post 2.14 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 30th. Stockholders of record on Wednesday, August 16th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.63%. Ormat Technologies’s payout ratio is currently 30.97%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ORA shares. StockNews.com started coverage on Ormat Technologies in a report on Thursday. They issued a “sell” rating for the company. Roth Capital upgraded Ormat Technologies from a “neutral” rating to a “buy” rating in a report on Monday, August 7th. TheStreet downgraded Ormat Technologies from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. Bank of America lifted their price objective on Ormat Technologies from $85.00 to $87.00 in a report on Wednesday, June 14th. Finally, Barclays started coverage on Ormat Technologies in a report on Monday, May 22nd. They issued an “equal weight” rating and a $89.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $92.29.

Get Our Latest Analysis on ORA

About Ormat Technologies

(Free Report)

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.