Ormat Technologies, Inc. (NYSE:ORA) continues to trade in a range after a strong performance in the first six months of the year. The company’s business segments, from electricity generation to product sales, posted record revenues in the first quarter.
Revenue in the second quarter came in at $179.4 million compared to $159.9 million for the corresponding quarter last year, and $189.9 million in Q1 2017. Net income came in at $35 million compared to $24.3 million last year. The company expects its full year revenue to range between $680 million and $700 million.
Even though the company failed to replicate Q1 strong performance in Q2, its performance was strong enough seen by investor’s reaction. The stock is currently trading in a $57.59-$58.09 range as it closes in on its 52-week high of $61.49 a share.
Ormat Technologies is up by more than 4% for the year.
Institutional Holding
Institutional investors have already taken note of the stock's solid performance with some trimming their position in profit taking plays as others ramp up their stakes. Regulatory filings indicate that Bronicki Investments sold off its stake in the company representing a 21.03% stake.
The filings also indicate that Orix Corp owned 10.99 million shares after entering into a stock purchase agreement for the purchase of shares from a number of sellers for $57. The hedge fund completed the purchase of the shares on July 26, 2017.
Vanguard is another hedge fund with stakes in the company worth 3.36 million shares. BlackRock owns 2.72 million shares valued at $145.07 million. Phoenix Holdings is another investor in Ormat Technologies with its stake at 3.98% representing 1.92 million shares.
Corporate Highlights
Ormat Technologies signed a long term power purchasing agreement with the Southern California Public power supply, seen as the biggest news event in the recent quarter. Under the agreement, the company is to sell SCPPA 20 megawatts of electricity for 26 years.
The company also closed a deal that gives it the right to develop, own and provide equipment for any ORIX Corporation (ADR) (NYSE:IX) geothermal project outside of Japan. Ormat Technologies has also made a cash dividend payment of $0.08 a share representing a 14.29% increase, from the prior dividend payment.
