Ormat Technologies, Inc. $ORA Position Boosted by Cetera Investment Advisers

Cetera Investment Advisers increased its position in Ormat Technologies, Inc. (NYSE:ORAFree Report) by 221.1% in the first quarter, Holdings Channel reports. The firm owned 9,065 shares of the energy company’s stock after purchasing an additional 6,242 shares during the quarter. Cetera Investment Advisers’ holdings in Ormat Technologies were worth $1,015,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ORA. First Trust Advisors LP lifted its stake in Ormat Technologies by 5.9% during the first quarter. First Trust Advisors LP now owns 202,944 shares of the energy company’s stock worth $22,713,000 after purchasing an additional 11,281 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Ormat Technologies by 12.4% during the first quarter. PNC Financial Services Group Inc. now owns 2,435 shares of the energy company’s stock worth $273,000 after purchasing an additional 268 shares during the period. KBC Group NV raised its holdings in shares of Ormat Technologies by 53.9% during the first quarter. KBC Group NV now owns 139,054 shares of the energy company’s stock worth $15,563,000 after purchasing an additional 48,689 shares during the period. SEB Asset Management AB bought a new position in shares of Ormat Technologies in the 1st quarter worth about $445,000. Finally, Swiss National Bank lifted its position in shares of Ormat Technologies by 0.4% in the 1st quarter. Swiss National Bank now owns 114,234 shares of the energy company’s stock worth $12,785,000 after buying an additional 500 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ORA. Piper Sandler boosted their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Oppenheimer decreased their target price on Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Barclays lowered their target price on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a report on Monday. UBS Group increased their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Sanford C. Bernstein restated an “underperform” rating and set a $112.00 price objective on shares of Ormat Technologies in a research report on Monday. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $130.83.

View Our Latest Stock Analysis on ORA

Insiders Place Their Bets

In other news, Director David Granot sold 1,766 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, the director directly owned 1,766 shares of the company’s stock, valued at $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stanley Stern sold 250 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the transaction, the director directly owned 5,800 shares in the company, valued at $802,836. The trade was a 4.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 6,849 shares of company stock worth $908,019. 0.50% of the stock is currently owned by company insiders.

Ormat Technologies Stock Up 1.2%

Shares of NYSE:ORA opened at $114.83 on Friday. The firm has a 50 day simple moving average of $113.62 and a 200 day simple moving average of $117.24. Ormat Technologies, Inc. has a 52 week low of $87.33 and a 52 week high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The company has a market cap of $7.06 billion, a PE ratio of 56.57, a price-to-earnings-growth ratio of 4.50 and a beta of 0.90.

Ormat Technologies (NYSE:ORAGet Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 EPS. As a group, research analysts expect that Ormat Technologies, Inc. will post 2.52 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

About Ormat Technologies

(Free Report)

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.

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Institutional Ownership by Quarter for Ormat Technologies (NYSE:ORA)

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