Kestra Private Wealth Services LLC acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,946 shares of the energy company’s stock, valued at approximately $665,000.
A number of other hedge funds have also recently added to or reduced their stakes in ORA. Aster Capital Management DIFC Ltd acquired a new stake in shares of Ormat Technologies in the fourth quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Ormat Technologies in the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC purchased a new position in Ormat Technologies during the fourth quarter worth approximately $32,000. Wolff Wiese Magana LLC purchased a new position in Ormat Technologies during the fourth quarter worth approximately $33,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have recently issued reports on ORA shares. JPMorgan Chase & Co. boosted their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research report on Friday, May 8th. Piper Sandler lifted their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. Finally, UBS Group upped their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $131.67.
Ormat Technologies Price Performance
ORA opened at $112.18 on Friday. Ormat Technologies, Inc. has a 52-week low of $84.13 and a 52-week high of $146.39. The company has a 50 day moving average of $127.26 and a two-hundred day moving average of $119.27. The company has a market cap of $6.89 billion, a P/E ratio of 54.46, a P/E/G ratio of 4.73 and a beta of 0.88. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.
Ormat Technologies (NYSE:ORA – Get Free Report) last issued its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The business had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business’s revenue for the quarter was up 75.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 EPS. On average, analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.
Ormat Technologies Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is currently 23.30%.
Insider Buying and Selling
In other news, Director Byron G. Wong sold 4,500 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the sale, the director owned 5,925 shares of the company’s stock, valued at $795,846. This represents a 43.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michal Marom sold 3,080 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the completion of the sale, the director owned 1,766 shares of the company’s stock, valued at approximately $231,293.02. This trade represents a 63.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,585 shares of company stock valued at $4,090,998 over the last ninety days. Insiders own 0.56% of the company’s stock.
Ormat Technologies Company 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.
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