David Granot Sells 1,766 Shares of Ormat Technologies (NYSE:ORA) Stock

Ormat Technologies, Inc. (NYSE:ORA) Director David Granot sold 1,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the sale, the director owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

David Granot also recently made the following trade(s):

• On Wednesday, May 20th, David Granot sold 1,753 shares of Ormat Technologies stock. The stock was sold at an average price of $132.70, for a total transaction of $232,623.10.

Ormat Technologies Stock Down 0.5%

Ormat Technologies stock opened at $133.28 on Friday. Ormat Technologies, Inc. has a 1-year low of $70.60 and a 1-year high of $138.51. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 64.70, a P/E/G ratio of 5.71 and a beta of 0.80. 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 firm has a 50 day simple moving average of $115.98 and a 200 day simple moving average of $115.26.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same period in the previous year, the business earned $0.68 EPS. Ormat Technologies’s revenue was up 75.8% compared to the same quarter last year. On average, analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th 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, May 20th. Ormat Technologies’s payout ratio is currently 23.30%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AGF Management Ltd. purchased a new position in shares of Ormat Technologies during the 3rd quarter valued at $9,527,000. Retirement Systems of Alabama grew its position in Ormat Technologies by 169.7% in the third quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company’s stock worth $18,286,000 after acquiring an additional 119,552 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in 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 acquiring an additional 540,000 shares in the last quarter. Jennison Associates LLC grew its position in Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after acquiring an additional 30,910 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Ormat Technologies by 259.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock worth $7,935,000 after acquiring an additional 51,830 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Barclays lifted their price objective on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Piper Sandler lifted their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday. Citigroup boosted their price target on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Finally, UBS Group boosted their price target on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $133.18.

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.