Ormat Technologies, Inc. $ORA Shares Bought by Harel Insurance Investments & Financial Services Ltd.

Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 32.7% during the first quarter, Holdings Channel reports. The fund owned 1,147,863 shares of the energy company’s stock after purchasing an additional 282,583 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Ormat Technologies were worth $128,469,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Aster Capital Management DIFC Ltd purchased a new position in Ormat Technologies in the fourth quarter valued at about $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Ormat Technologies during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its position in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares in the last quarter. Wolff Wiese Magana LLC acquired a new position in shares of Ormat Technologies in the 4th quarter valued at approximately $33,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Barclays upped their price target on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Piper Sandler increased 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, May 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. Finally, Oppenheimer reissued an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.67.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 1,766 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the sale, the director owned 1,766 shares in the company, valued at $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michal Marom sold 3,080 shares of the 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 sale, the director directly owned 1,766 shares in the company, valued at $231,293.02. This trade represents a 63.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,585 shares of company stock valued at $4,090,998 over the last quarter. Insiders own 0.56% of the company’s stock.

Ormat Technologies Trading Up 0.7%

NYSE:ORA opened at $107.56 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. The business’s 50 day moving average is $126.84 and its two-hundred day moving average is $119.18. Ormat Technologies, Inc. has a 52 week low of $84.13 and a 52 week high of $146.39. The company has a market cap of $6.61 billion, a PE ratio of 52.21, a P/E/G ratio of 4.55 and a beta of 0.88.

Ormat Technologies (NYSE:ORA) last issued 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. 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 during the quarter, compared to analyst estimates of $349.17 million. During the same quarter last year, the firm earned $0.68 EPS. The business’s revenue was up 75.8% on a year-over-year basis. On average, analysts predict that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s payout ratio is currently 23.30%.

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.