AGF Management Ltd. Invests $9.53 Million in Ormat Technologies, Inc. $ORA

AGF Management Ltd. bought a new position in Ormat Technologies, Inc. (NYSE:ORA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 98,977 shares of the energy company’s stock, valued at approximately $9,527,000. AGF Management Ltd. owned about 0.16% of Ormat Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of ORA. Geode Capital Management LLC raised its stake in Ormat Technologies by 3.4% during the second quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock worth $122,902,000 after purchasing an additional 48,038 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after buying an additional 413,384 shares during the period. Norges Bank acquired a new position in Ormat Technologies in the second quarter valued at $56,458,000. Legal & General Group Plc grew its position in Ormat Technologies by 1.5% during the second quarter. Legal & General Group Plc now owns 589,645 shares of the energy company’s stock valued at $49,389,000 after acquiring an additional 8,593 shares during the period. Finally, Groupama Asset Managment purchased a new stake in Ormat Technologies during the second quarter valued at about $41,880,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insiders Place Their Bets

In other Ormat Technologies news, Director Isaac Angel sold 18,018 shares of Ormat Technologies stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the sale, the director directly owned 29,650 shares in the company, valued at $3,333,253. The trade was a 37.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica Woelfel sold 721 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $115.00, for a total value of $82,915.00. Following the transaction, the insider owned 3,433 shares of the company’s stock, valued at approximately $394,795. This trade represents a 17.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 40,860 shares of company stock valued at $4,601,530 in the last three months. 0.56% of the stock is owned by insiders.

Ormat Technologies Trading Up 0.6%

ORA opened at $125.75 on Tuesday. The firm’s 50 day moving average is $115.68 and its 200-day moving average is $104.23. Ormat Technologies, Inc. has a 52-week low of $61.93 and a 52-week high of $128.97. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $7.64 billion, a P/E ratio of 57.68, a P/E/G ratio of 4.95 and a beta of 0.77.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The business had revenue of $249.73 million during the quarter, compared to analyst estimates of $235.03 million. During the same period last year, the business earned $0.36 EPS. The business’s revenue was up 17.9% on a year-over-year basis. Analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ORA has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, January 22nd. Oppenheimer raised their price target on shares of Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Tuesday, January 27th. UBS Group boosted their price objective on shares of Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Piper Sandler raised their target price on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Finally, Roth Mkm set a $139.00 target price on shares of Ormat Technologies in a report on Wednesday, January 28th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $128.00.

Ormat Technologies 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.