BNP Paribas Arbitrage SA lifted its stake in Ormat Technologies, Inc. (NYSE:ORA) by 108.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,425 shares of the energy company’s stock after acquiring an additional 6,452 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Ormat Technologies were worth $729,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in ORA. BlackRock Inc. increased its position in shares of Ormat Technologies by 6,068.3% in the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock valued at $141,210,000 after acquiring an additional 2,433,766 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Ormat Technologies by 24.3% in the first quarter. Renaissance Technologies LLC now owns 921,157 shares of the energy company’s stock valued at $52,580,000 after acquiring an additional 179,900 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Ormat Technologies by 5.8% in the first quarter. Vanguard Group Inc. now owns 3,223,631 shares of the energy company’s stock valued at $184,006,000 after acquiring an additional 177,288 shares during the last quarter. FMR LLC acquired a new stake in shares of Ormat Technologies in the first quarter valued at about $8,562,000. Finally, Karp Capital Management Corp acquired a new stake in shares of Ormat Technologies in the first quarter valued at about $4,097,000. 46.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of Ormat Technologies, Inc. (NYSE:ORA) opened at 57.50 on Monday. The firm has a market cap of $2.87 billion, a P/E ratio of 26.23 and a beta of 1.20. Ormat Technologies, Inc. has a 52-week low of $45.30 and a 52-week high of $61.49. The company has a 50 day moving average price of $57.43 and a 200-day moving average price of $57.97.
Ormat Technologies (NYSE:ORA) last posted its earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. The firm had revenue of $179.36 million for the quarter, compared to analysts’ expectations of $169.80 million. During the same quarter last year, the firm earned $0.49 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, analysts expect that Ormat Technologies, Inc. will post $2.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Ormat Technologies’s dividend payout ratio is currently 14.61%.
In other news, VP Zvi Krieger sold 7,704 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $57.81, for a total transaction of $445,368.24. Following the completion of the sale, the vice president now owns 7,704 shares in the company, valued at approximately $445,368.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Shimon Hatzir sold 3,074 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $61.20, for a total transaction of $188,128.80. Following the sale, the vice president now owns 3,074 shares of the company’s stock, valued at approximately $188,128.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,044,457 shares of company stock worth $629,558,861. Insiders own 22.97% of the company’s stock.
A number of analysts recently issued reports on the company. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the company a “buy” rating in a research report on Friday, August 18th. TheStreet downgraded Ormat Technologies from a “b” rating to a “c+” rating in a research report on Monday, August 14th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $65.00 to $71.00 in a research report on Wednesday, June 7th. BidaskClub raised Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Finally, Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $54.00 to $59.00 in a research report on Friday, May 26th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Ormat Technologies has a consensus rating of “Buy” and an average price target of $65.38.
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About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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