Telemark Asset Management LLC Makes New Investment in Ormat Technologies, Inc. $ORA

Telemark Asset Management LLC purchased a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 80,000 shares of the energy company’s stock, valued at approximately $8,838,000.

Several other institutional investors also recently added to or reduced their stakes in ORA. Norges Bank acquired a new position in Ormat Technologies during the fourth quarter worth approximately $86,545,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after buying an additional 540,000 shares during the period. Canada Pension Plan Investment Board increased its position in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after buying an additional 413,384 shares during the period. Balyasny Asset Management L.P. acquired a new position in Ormat Technologies during the second quarter worth approximately $18,310,000. Finally, AEGON ASSET MANAGEMENT UK Plc increased its position in Ormat Technologies by 102.6% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after buying an additional 149,271 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insider Transactions at Ormat Technologies

In related news, Director Dafna Sharir sold 883 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $122.44, for a total value of $108,114.52. Following the completion of the transaction, the director directly owned 3,140 shares in the company, valued at approximately $384,461.60. This represents a 21.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Granot sold 1,766 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the sale, the director 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 SEC filing for this sale provides additional information. In the last three months, insiders sold 30,721 shares of company stock valued at $4,105,657. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Stock Down 1.6%

ORA opened at $140.21 on Friday. The business’s fifty day moving average is $122.04 and its two-hundred day moving average is $117.23. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market cap of $8.62 billion, a price-to-earnings ratio of 68.06, a PEG ratio of 5.97 and a beta of 0.85. Ormat Technologies, Inc. has a one year low of $76.96 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.Ormat Technologies’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. Analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s payout ratio is presently 23.30%.

Analyst Ratings Changes

Several research firms have commented on ORA. Robert W. Baird cut their price target on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Royal Bank Of Canada initiated coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. Oppenheimer reiterated an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research note on Friday, May 8th. TD Cowen lowered their target price on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Finally, UBS Group lifted their target price on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.18.

Ormat Technologies 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.