Ranger Investment Management L.P. Invests $12.08 Million in Ormat Technologies, Inc. $ORA

Ranger Investment Management L.P. purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the first quarter, Holdings Channel reports. The institutional investor purchased 107,950 shares of the energy company’s stock, valued at approximately $12,082,000.

Several other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC grew its position in Ormat Technologies by 324.1% during the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after acquiring an additional 19,043 shares during the last quarter. United Services Automobile Association bought a new position in Ormat Technologies in the first quarter valued at about $243,000. Empowered Funds LLC raised its position in Ormat Technologies by 7.3% in the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after purchasing an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Ormat Technologies by 22.8% during the first 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 purchasing an additional 43,483 shares in the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Ormat Technologies by 10.5% during the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock valued at $1,740,000 after purchasing an additional 2,329 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ORA shares. Roth Capital reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a research note on Monday, May 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. UBS Group upped 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. Finally, Barclays raised their price target on shares of Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ormat Technologies currently has an average rating of “Moderate Buy” and an average target price of $131.75.

Ormat Technologies Trading Down 3.6%

Shares of ORA stock opened at $98.48 on Wednesday. Ormat Technologies, Inc. has a 1-year low of $84.13 and a 1-year high of $146.39. 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 market cap of $6.05 billion, a price-to-earnings ratio of 47.81, a PEG ratio of 4.35 and a beta of 0.88. The stock has a 50-day moving average of $122.16 and a 200-day moving average of $118.48.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $349.17 million. During the same period in the previous year, the firm earned $0.68 earnings per share. The firm’s quarterly revenue was up 75.8% on a year-over-year basis. On average, equities research analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.30%.

Insider Transactions at Ormat Technologies

In other news, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the completion of the sale, the chief financial officer directly owned 1,970 shares in the company, valued at $265,457.50. This represents a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction 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 transaction, the director directly owned 1,766 shares of the company’s stock, valued at $237,403.38. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,585 shares of company stock worth $4,090,998. Company insiders own 0.50% of the company’s stock.

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.