Brasada Capital Management LP reduced its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 4.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 72,082 shares of the energy company’s stock after selling 3,117 shares during the quarter. Ormat Technologies comprises 1.3% of Brasada Capital Management LP’s holdings, making the stock its 28th largest holding. Brasada Capital Management LP owned 0.14% of Ormat Technologies worth $4,064,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Delek Group Ltd. bought a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $41,008,000. Clal Insurance Enterprises Holdings Ltd increased its holdings in shares of Ormat Technologies by 27.7% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,977,906 shares of the energy company’s stock valued at $126,507,000 after acquiring an additional 429,123 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Ormat Technologies by 627.9% during the first quarter. Van ECK Associates Corp now owns 386,501 shares of the energy company’s stock valued at $21,791,000 after acquiring an additional 333,403 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Ormat Technologies by 145.4% during the fourth quarter. Glenmede Trust Co. NA now owns 498,692 shares of the energy company’s stock valued at $31,894,000 after acquiring an additional 295,435 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Ormat Technologies by 179.4% during the first quarter. Handelsbanken Fonder AB now owns 371,105 shares of the energy company’s stock valued at $20,923,000 after acquiring an additional 238,276 shares in the last quarter. Institutional investors and hedge funds own 71.04% of the company’s stock.
ORA has been the subject of several recent research reports. Cowen set a $67.00 price objective on Ormat Technologies and gave the company a “buy” rating in a report on Thursday, March 1st. Roth Capital decreased their price objective on Ormat Technologies from $70.00 to $67.00 and set a “buy” rating for the company in a report on Friday, March 2nd. UBS Group initiated coverage on Ormat Technologies in a report on Friday, March 16th. They set a “neutral” rating for the company. JPMorgan Chase & Co. restated an “overweight” rating and set a $68.00 price objective (down previously from $70.00) on shares of Ormat Technologies in a report on Friday, March 16th. Finally, Oppenheimer restated a “market perform” rating on shares of Ormat Technologies in a report on Friday, April 6th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $69.17.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Monday, May 7th. The energy company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.09). The company had revenue of $184.00 million for the quarter, compared to analysts’ expectations of $176.72 million. Ormat Technologies had a net margin of 24.00% and a return on equity of 11.11%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. research analysts predict that Ormat Technologies, Inc. will post 2 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 30th. Investors of record on Monday, May 21st were given a dividend of $0.10 per share. The ex-dividend date was Friday, May 18th. This represents a $0.40 annualized dividend and a dividend yield of 0.75%. Ormat Technologies’s payout ratio is 13.38%.
About Ormat Technologies
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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