Canada Pension Plan Investment Board Invests $173.64 Million in Ormat Technologies, Inc. $ORA

Canada Pension Plan Investment Board bought a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,594,474 shares of the energy company’s stock, valued at approximately $173,638,000. Canada Pension Plan Investment Board owned 2.59% of Ormat Technologies as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nicholas Investment Partners LP bought a new position in shares of Ormat Technologies during the 2nd quarter valued at $4,933,000. Legal & General Group Plc acquired a new position in shares of Ormat Technologies during the 2nd quarter worth about $77,650,000. The Manufacturers Life Insurance Company bought a new stake in Ormat Technologies during the 2nd quarter valued at approximately $6,427,000. Ranger Investment Management L.P. bought a new stake in Ormat Technologies during the 2nd quarter valued at approximately $24,404,000. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new stake in Ormat Technologies in the 2nd quarter valued at approximately $259,568,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

NYSE:ORA opened at $103.15 on Thursday. The firm has a market capitalization of $6.34 billion, a PE ratio of 50.81, a price-to-earnings-growth ratio of 4.30 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 12-month low of $89.08 and a 12-month high of $146.39. The firm has a 50-day moving average price of $109.22 and a 200 day moving average price of $116.18.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same period in the previous year, the business earned $0.48 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts anticipate that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s payout ratio is currently 23.65%.

Analyst Ratings Changes

ORA has been the topic of several recent analyst reports. Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 target price on shares of Ormat Technologies in a research report on Monday, August 10th. Wolfe Research started coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Company Profile

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.