Ormat Technologies (NYSE:ORA) Director Sells $75,108.09 in Stock

Ormat Technologies, Inc. (NYSE:ORA) Director Stanley Stern sold 577 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $130.17, for a total value of $75,108.09. Following the sale, the director directly owned 6,050 shares of the company’s stock, valued at $787,528.50. This represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Ormat Technologies Stock Performance

Shares of NYSE:ORA opened at $131.52 on Monday. The stock has a market capitalization of $8.08 billion, a P/E ratio of 63.84, a P/E/G ratio of 5.63 and a beta of 0.80. Ormat Technologies, Inc. has a 1-year low of $70.42 and a 1-year high of $138.51. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The business has a 50-day moving average price of $113.73 and a two-hundred day moving average price of $114.42.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 EPS. Equities analysts predict that Ormat Technologies, Inc. will post 2.33 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies’s payout ratio is currently 23.30%.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Ormat Technologies in the 4th quarter valued at approximately $86,545,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Ormat Technologies by 155.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after purchasing an additional 540,000 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after purchasing an additional 282,583 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at approximately $18,310,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ORA shares. Roth Mkm restated a “buy” rating and set a $135.00 target price on shares of Ormat Technologies in a research report on Monday, May 11th. Jefferies Financial Group lowered Ormat Technologies from a “buy” rating to a “hold” rating and boosted their target price for the stock from $125.00 to $130.00 in a research report on Friday, February 13th. Robert W. Baird decreased their target price on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. TD Cowen decreased their target price on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Finally, JPMorgan Chase & Co. boosted their target price on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.64.

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.