BlackRock Fund Advisors has recently announced that it has increased stake in Ormat Technologies Inc. (NYSE:ORA) by 67.72%. After grabbing 5.94 million shares, the institutional investor is now in possession of 2.4 million shares of the Utilities Company. The new investment brought the stake of investor firm to 10.59% having worth around $501.77 million. Moreover, The Vanguard Group, Inc. increased its share by 0.55 million to have a control over 4.72 million shares. And Clal Pension & Provident Funds Lt raised its holdings to 0.36 million shares by acquiring 2.15 million shares or 3.84% of the stake.
Ormat Technologies Inc. (ORA) concluded trading on 03/16/23 at a closing price of $83.84, with 0.95 million shares of worth about $79.34 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -13.14% during that period and on Thursday the price saw a gain of about 1.62%. Currently the company’s common shares owned by public are about 56.08M shares, out of which, 55.92M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the ORA stock and their offered price forecasts bring an average price target of $93.17. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $105.00 and could fall to a lowest price of $86.00. The stock’s current price level is 10.97% above of average price target set by the analysts, while a rise to estimated low would result in gain of 2.51% for the stock. However, touching the estimated high of $105.00 would mean a gain of 20.15% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 81 times over the past 12 months. They bought 238,087 shares in 31 of the transactions. In 50 selling transactions, insiders dumped 4,533,221 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Ormat Technologies Inc. iShares Core S&P Mid Cap ETF is currently holding 1.52 million shares of worth totaling $128.66 million. The company recently came buying 3444.0 shares which brought its stake up to 2.72% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 10270.0 shares, after which its hold over company’s outstanding shares expand to 2.61%, leaving 1.46 million shares with the mutual fund that have a worth of about $123.7 million. Vanguard Small Cap Index Fund, after buying 1.23 million shares, have now control over 2.20% of the stake in the company. It holds 6700.0 shares of worth $104.32 million.
Ormat Technologies Inc. (NYSE: ORA) started trading at $82.23, below -$0.27 from concluding price of the previous day. However, the stock later moved at a day high price of 83.88, or with a gain of 1.62%. Stock saw a price change of -3.71% in past 5 days and over the past one month there was a price change of -8.54%. Year-to-date (YTD), ORA shares are showing a performance of -3.05% which increased to 7.03% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $67.28 but also hit the highest price of $101.81 during that period. The average intraday trading volume for Ormat Technologies Inc. shares is 399.79K. The stock is currently trading -4.08% below its 20-day simple moving average (SMA20), while that difference is down -5.80% for SMA50 and it goes to -4.69% lower than SMA200.
BlackRock Fund Advisors acquired 5.94 million shares of Ormat Technologies Inc. having value of about $501.77 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 2.4 million shares in the company valued at close to $200970768.0, or have control over 67.72% stake in the company. Ormat Technologies Inc. (NYSE: ORA) currently have 56.08M outstanding shares and institutions hold larger chunk of about 95.30% of that. Holding of mutual funds in the company is about 54.36% while other institutional holders and individual stake holders have control over 68.42% and 46.72% of the stake respectively.
The stock has a current market capitalization of $4.76B and its 3Y-monthly beta is at 0.45. PE ratio of stock for trailing 12 months is 71.90, while it has posted earnings per share of $1.17 in the same period. Its PEG reads 7.19 and has Quick Ratio of 1.20 while making debt-to-equity ratio of 0.96. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ORA, volatility over the week remained 2.60% while standing at 2.69% over the month.
Analysts are in expectations that Ormat Technologies Inc. (ORA) stock would likely to be making an EPS of $0.48 in the current quarter, while forecast for next quarter EPS is $0.54 and it is $1.87 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.41 which is $0.55 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.41 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 5.80% while it is estimated to increase by 33.19% in next year. EPS is likely to grow at an annualized rate of 10.00% for next 5-years, compared to annual growth of -20.10% made by the stock over the past 5-years.
Analysts at 6 brokerage firms have issued recommendations for the Ormat Technologies Inc. (ORA)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.60. Out of those 6 Wall Street analysts, 2 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by UBS on March 01, 2023 offering a Buy rating for the stock and assigned a target price range of between $103 and $105 to it. Coverage by BofA Securities stated Ormat Technologies Inc. (ORA) stock as a Neutral in their note to investors on November 22, 2022, suggesting a price target of $92 for the stock. On October 21, 2022, Citigroup Initiated their recommendations, while on January 26, 2022, BofA Securities Downgrade their ratings for the stock with a price target of $75. Stock get a Market perform rating from Cowen on May 07, 2021.
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