Green Alpha Advisors LLC Invests $660,000 in Ormat Technologies, Inc. $ORA

Green Alpha Advisors LLC bought a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, HoldingsChannel reports. The fund bought 6,063 shares of the energy company’s stock, valued at approximately $660,000.

Several other hedge funds have also modified their holdings of the stock. Legato Capital Management LLC acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $1,319,000. Jennison Associates LLC raised its stake in shares of Ormat Technologies by 51.7% during the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after purchasing an additional 30,910 shares during the period. Nicholas Investment Partners LP acquired a new position in shares of Ormat Technologies during the fourth quarter worth $4,835,000. Hsbc Holdings PLC lifted its position in shares of Ormat Technologies by 459.1% during the fourth quarter. Hsbc Holdings PLC now owns 46,763 shares of the energy company’s stock worth $5,171,000 after purchasing an additional 38,399 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after purchasing an additional 282,583 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ORA has been the subject of a number of recent analyst reports. Oppenheimer lowered their price target on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a report on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Barclays dropped their target price 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, Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a “peer perform” rating on the stock. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Trading Up 0.3%

ORA opened at $108.62 on Friday. Ormat Technologies, Inc. has a 12-month low of $89.08 and a 12-month high of $146.39. 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 stock has a market capitalization of $6.68 billion, a PE ratio of 53.51, a P/E/G ratio of 4.38 and a beta of 0.90. The firm’s fifty day moving average price is $110.90 and its 200 day moving average price is $116.68.

Ormat Technologies (NYSE:ORA) last announced 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 company had revenue of $258.76 million during 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 firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $0.48 EPS. As a group, research analysts expect that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Insider Buying and Selling

In related news, Director Stanley Stern sold 250 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares of the company’s stock, valued at $802,836. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.50% of the company’s stock.

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.