Evolve Private Wealth LLC Takes Position in Ormat Technologies, Inc. $ORA

Evolve Private Wealth LLC bought a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, Holdings Channel reports. The firm bought 4,892 shares of the energy company’s stock, valued at approximately $533,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies during the fourth quarter worth $26,000. Main Street Group LTD acquired a new stake in Ormat Technologies in the first quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ormat Technologies in the fourth quarter valued at $31,000. Los Angeles Capital Management LLC bought a new position in shares of Ormat Technologies in the 4th quarter valued at about $32,000. Finally, Smartleaf Asset Management LLC grew its position 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 acquiring an additional 211 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wolfe Research began coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Sanford C. Bernstein reiterated an “underperform” rating and set a $112.00 price target on shares of Ormat Technologies in a report on Monday, August 10th. Barclays lowered their price target on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Finally, Piper Sandler upped their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $130.83.

Ormat Technologies Trading Down 2.8%

ORA stock opened at $105.35 on Tuesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The company has a fifty day moving average price of $110.23 and a two-hundred day moving average price of $116.45. Ormat Technologies, Inc. has a one year low of $89.08 and a one year high of $146.39. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 51.90, a price-to-earnings-growth ratio of 4.38 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The company had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. Equities analysts anticipate that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Ormat Technologies’s dividend payout ratio is currently 23.65%.

Insiders Place Their Bets

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the firm’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 completion of the sale, the director directly owned 5,800 shares in the company, valued at $802,836. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

About Ormat Technologies

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.