Van ECK Associates Corp Sells 226,448 Shares of Ormat Technologies, Inc. $ORA

Van ECK Associates Corp reduced its position in Ormat Technologies, Inc. (NYSE:ORA) by 89.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,736 shares of the energy company’s stock after selling 226,448 shares during the quarter. Van ECK Associates Corp’s holdings in Ormat Technologies were worth $2,803,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Ormat Technologies during the 2nd quarter valued at about $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in Ormat Technologies during the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board bought a new position in Ormat Technologies during the second quarter valued at approximately $173,638,000. Norges Bank purchased a new position in shares of Ormat Technologies during the fourth quarter worth approximately $86,545,000. Finally, Legal & General Group Plc purchased a new position in shares of Ormat Technologies during the second quarter worth approximately $77,650,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Oppenheimer decreased their target price on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price target 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. Wolfe Research started coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating for the company. Finally, Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating in a research note on Friday. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Ormat Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $104.19 on Friday. The company has a market capitalization of $6.41 billion, a P/E ratio of 51.33, a PEG ratio of 4.23 and a beta of 0.90. Ormat Technologies, Inc. has a fifty-two week low of $89.70 and a fifty-two week high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The stock has a 50 day moving average price of $106.70 and a two-hundred day moving average price of $115.44.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter last year, the business earned $0.48 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Analysts expect that Ormat Technologies, Inc. will post 2.47 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio (DPR) is 23.65%.

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.