Ormat Technologies, Inc. $ORA Position Lessened by Guinness Asset Management LTD

Guinness Asset Management LTD decreased its stake in Ormat Technologies, Inc. (NYSE:ORA) by 19.4% during the 4th quarter, HoldingsChannel reports. The firm owned 107,449 shares of the energy company’s stock after selling 25,900 shares during the period. Guinness Asset Management LTD’s holdings in Ormat Technologies were worth $12,101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC increased its position in Ormat Technologies by 324.1% in the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock valued at $1,740,000 after acquiring an additional 19,043 shares during the period. United Services Automobile Association acquired a new stake in Ormat Technologies in the 1st quarter valued at approximately $243,000. Empowered Funds LLC increased its position in Ormat Technologies by 7.3% in the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after acquiring an additional 286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Ormat Technologies by 22.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock valued at $16,593,000 after acquiring an additional 43,483 shares during the period. Finally, Intech Investment Management LLC increased its position in Ormat Technologies by 10.5% in the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock valued at $1,740,000 after acquiring an additional 2,329 shares during the period. Institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

ORA has been the topic of several analyst reports. UBS Group raised their target price on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Royal Bank Of Canada initiated coverage on Ormat Technologies in a research report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. TD Cowen lowered their price target on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Finally, Citigroup lifted their price target on Ormat Technologies from $110.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $133.18.

Ormat Technologies Stock Down 0.5%

Shares of ORA 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 stock has a market cap of $8.19 billion, a PE ratio of 64.70, a price-to-earnings-growth ratio of 5.71 and a beta of 0.80. The business’s fifty day moving average is $115.98 and its 200-day moving average is $115.26. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company had revenue of $403.91 million for the quarter, compared to analysts’ expectations of $349.17 million. During the same period last year, the firm earned $0.68 EPS. The firm’s revenue for the quarter was up 75.8% on a year-over-year basis. Equities analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Insider Buying and Selling at Ormat Technologies

In other news, Director Michal Marom sold 3,080 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the sale, the director directly owned 1,766 shares of the company’s stock, valued at $231,293.02. This trade represents a 63.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stanley Stern sold 577 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $130.17, for a total value of $75,108.09. Following the sale, the director directly owned 6,050 shares of the company’s stock, valued at approximately $787,528.50. This represents a 8.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 33,699 shares of company stock worth $4,410,013. 0.56% of the stock is owned by insiders.

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.