Ormat Technologies (NYSE:ORA) Director Sells $34,605.00 in Stock

Ormat Technologies, Inc. (NYSE:ORA) Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the sale, the director owned 5,800 shares of the company’s stock, valued at approximately $802,836. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Stanley Stern also recently made the following trade(s):

• On Friday, May 15th, Stanley Stern sold 577 shares of Ormat Technologies stock. The stock was sold at an average price of $130.17, for a total transaction of $75,108.09.

Ormat Technologies Trading Down 0.6%

Shares of NYSE ORA traded down $0.80 during midday trading on Friday, reaching $136.88. 793,875 shares of the stock were exchanged, compared to its average volume of 855,116. The company has a market capitalization of $8.41 billion, a P/E ratio of 66.45, a P/E/G ratio of 5.95 and a beta of 0.80. Ormat Technologies, Inc. has a 52-week low of $73.05 and a 52-week high of $141.62. 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 stock has a 50 day moving average price of $118.21 and a 200-day moving average price of $116.00.

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

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s payout ratio is 23.30%.

Analyst Upgrades and Downgrades

ORA has been the subject of a number of recent analyst reports. UBS Group boosted their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a report on Friday, May 8th. Jefferies Financial Group downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating and boosted their target price for the company from $125.00 to $130.00 in a report on Friday, February 13th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Piper Sandler boosted their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.18.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors have recently bought and sold shares of ORA. Norges Bank purchased a new stake in Ormat Technologies during the fourth quarter worth approximately $86,545,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of 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 valued at $97,935,000 after purchasing an additional 540,000 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after purchasing an additional 282,583 shares during the period. Finally, Altshuler Shaham Ltd boosted its stake in shares of Ormat Technologies by 5,810.5% in the first quarter. Altshuler Shaham Ltd now owns 254,625 shares of the energy company’s stock valued at $28,254,000 after purchasing an additional 250,317 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.