Perigon Wealth Management LLC Invests $550,000 in Ormat Technologies, Inc. $ORA

Perigon Wealth Management LLC acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, HoldingsChannel reports. The fund acquired 5,047 shares of the energy company’s stock, valued at approximately $550,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ORA. Norges Bank purchased a new stake in Ormat Technologies during the fourth quarter valued at about $86,545,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after purchasing an additional 540,000 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Ormat Technologies by 62.6% in 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 purchasing an additional 413,384 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Ormat Technologies by 32.7% in the first 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, Altshuler Shaham Ltd lifted its stake in shares of Ormat Technologies by 5,810.5% during the 1st quarter. Altshuler Shaham Ltd now owns 254,625 shares of the energy company’s stock valued at $28,254,000 after buying an additional 250,317 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Insider Activity

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

Analyst Ratings Changes

A number of research analysts recently weighed in on ORA shares. Wall Street Zen lowered shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. 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. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $112.00 price target on shares of Ormat Technologies in a report on Monday, August 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. Finally, Oppenheimer decreased their price objective on Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $130.83.

Ormat Technologies Price Performance

ORA stock opened at $110.32 on Thursday. The firm has a 50 day moving average of $112.07 and a 200-day moving average of $116.86. The firm has a market capitalization of $6.78 billion, a P/E ratio of 54.35, a price-to-earnings-growth ratio of 4.44 and a beta of 0.90. Ormat Technologies, Inc. has a 12 month low of $89.08 and a 12 month high of $146.39. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. During the same period in the prior year, the company posted $0.48 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

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

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.