Polar Asset Management Partners Inc. Buys Shares of 75,000 Ormat Technologies, Inc. (NYSE:ORA)

Polar Asset Management Partners Inc. bought a new stake in Ormat Technologies, Inc. (NYSE:ORA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 75,000 shares of the energy company’s stock, valued at approximately $5,079,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC boosted its position in Ormat Technologies by 43.7% in the fourth quarter. ProShare Advisors LLC now owns 20,343 shares of the energy company’s stock valued at $1,378,000 after buying an additional 6,187 shares in the last quarter. Maven Securities LTD acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $339,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Ormat Technologies by 12.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,058 shares of the energy company’s stock valued at $3,729,000 after buying an additional 6,153 shares in the last quarter. Laird Norton Wetherby Wealth Management LLC boosted its position in Ormat Technologies by 34.6% in the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 11,565 shares of the energy company’s stock valued at $783,000 after buying an additional 2,972 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $372,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insider Buying and Selling

In other Ormat Technologies news, insider Jessica Woelfel sold 409 shares of Ormat Technologies stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total value of $29,509.35. Following the completion of the sale, the insider now directly owns 6,094 shares of the company’s stock, valued at approximately $439,682.10. The trade was a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the sale, the director now directly owns 1,910 shares of the company’s stock, valued at approximately $131,790. This trade represents a 46.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,192 shares of company stock valued at $225,872 over the last quarter. Insiders own 0.56% of the company’s stock.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $75.13 on Friday. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $84.30. The firm has a fifty day simple moving average of $71.36 and a 200 day simple moving average of $71.58. The company has a market capitalization of $4.55 billion, a PE ratio of 38.33, a P/E/G ratio of 3.18 and a beta of 0.65. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.10. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The business had revenue of $229.76 million during the quarter, compared to the consensus estimate of $228.33 million. During the same quarter last year, the firm earned $0.64 earnings per share. Ormat Technologies’s quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Wednesday, May 21st. Ormat Technologies’s dividend payout ratio is presently 23.30%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ORA. Jefferies Financial Group raised their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. StockNews.com raised shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Monday, April 7th. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Barclays raised their price target on shares of Ormat Technologies from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Finally, Baird R W raised shares of Ormat Technologies to a “hold” rating in a research note on Thursday, March 13th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $83.29.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.