Geode Capital Management LLC Has $178.03 Million Stake in Ormat Technologies, Inc. $ORA

Geode Capital Management LLC lifted its position in Ormat Technologies, Inc. (NYSE:ORA) by 6.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,611,360 shares of the energy company’s stock after acquiring an additional 102,864 shares during the period. Geode Capital Management LLC’s holdings in Ormat Technologies were worth $178,033,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Wolff Wiese Magana LLC acquired a new position in shares of Ormat Technologies in the fourth quarter valued at $33,000. Ameriflex Group Inc. raised its stake in shares of Ormat Technologies by 1,100.0% in the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock valued at $35,000 after purchasing an additional 330 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Ormat Technologies by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after purchasing an additional 113 shares in the last quarter. USA Financial Formulas acquired a new position in Ormat Technologies during the fourth quarter worth $51,000. Finally, EverSource Wealth Advisors LLC raised its stake in Ormat Technologies by 251.0% during the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock worth $44,000 after acquiring an additional 374 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Stock Performance

Ormat Technologies stock opened at $145.18 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a fifty day moving average price of $120.80 and a two-hundred day moving average price of $116.83. Ormat Technologies, Inc. has a 52-week low of $73.83 and a 52-week high of $146.39. The firm has a market capitalization of $8.92 billion, a P/E ratio of 70.48, a P/E/G ratio of 6.16 and a beta of 0.85.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping the consensus estimate of $0.92 by $0.38. The company had revenue of $403.91 million for 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 business’s revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. As a group, analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is presently 23.30%.

Wall Street Analyst Weigh In

ORA has been the subject of several recent analyst reports. TD Cowen dropped their price objective on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Barclays increased their price objective on Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Royal Bank Of Canada initiated coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 price objective for the company. Citigroup increased their price objective on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 18th. Finally, Jefferies Financial Group lowered Ormat Technologies from a “buy” rating to a “hold” rating and increased their price objective for the stock from $125.00 to $130.00 in a research note on Friday, February 13th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.18.

Insider Activity at Ormat Technologies

In other news, Director Byron G. Wong sold 4,500 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the sale, the director owned 5,925 shares in the company, valued at approximately $795,846. This represents a 43.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total value of $2,395,316.00. Following the sale, the chief financial officer owned 1,970 shares in the company, valued at $265,457.50. The trade was a 90.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 30,721 shares of company stock valued at $4,105,657. 0.56% of the stock is currently owned by company insiders.

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.