Nicholas Investment Partners LP Acquires Shares of 45,294 Ormat Technologies, Inc. $ORA

Nicholas Investment Partners LP acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 45,294 shares of the energy company’s stock, valued at approximately $4,933,000.

A number of other large investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Ormat Technologies in the fourth quarter valued at $26,000. Main Street Group LTD bought a new position in shares of Ormat Technologies during the 1st quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Ormat Technologies during the 4th quarter worth $31,000. Smartleaf Asset Management LLC increased its holdings in Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after acquiring an additional 211 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Ormat Technologies in the 4th quarter worth about $32,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Roth Capital reaffirmed a “buy” rating and set a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Wall Street Zen lowered shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $112.00 target price on shares of Ormat Technologies in a research note on Monday, August 10th. Piper Sandler boosted their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $130.83.

Insiders Place Their Bets

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the 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 transaction, 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 Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is owned by insiders.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $105.35 on Tuesday. The firm has a market capitalization of $6.48 billion, a P/E ratio of 51.90, a P/E/G ratio of 4.38 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The stock’s 50-day simple moving average is $110.23 and its two-hundred day simple moving average is $116.45. Ormat Technologies, Inc. has a twelve month low of $89.08 and a twelve month high of $146.39.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results 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. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter last year, the firm posted $0.48 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently announced 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. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s payout ratio is presently 23.65%.

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.