Everett Harris & Co. CA Raises Stock Position in Ormat Technologies, Inc. (NYSE:ORA)

Everett Harris & Co. CA lifted its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 40.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,000 shares of the energy company’s stock after acquiring an additional 2,000 shares during the quarter. Everett Harris & Co. CA’s holdings in Ormat Technologies were worth $474,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its position in Ormat Technologies by 8.6% during the second quarter. Envestnet Asset Management Inc. now owns 31,238 shares of the energy company’s stock worth $2,240,000 after purchasing an additional 2,482 shares in the last quarter. Sei Investments Co. grew its stake in Ormat Technologies by 10.6% in the 2nd quarter. Sei Investments Co. now owns 19,019 shares of the energy company’s stock valued at $1,364,000 after acquiring an additional 1,822 shares during the last quarter. AQR Capital Management LLC increased its holdings in Ormat Technologies by 45.3% during the 2nd quarter. AQR Capital Management LLC now owns 5,809 shares of the energy company’s stock valued at $417,000 after acquiring an additional 1,811 shares in the last quarter. Algert Global LLC acquired a new position in Ormat Technologies during the second quarter worth about $392,000. Finally, Creative Planning lifted its holdings in shares of Ormat Technologies by 8.9% in the second quarter. Creative Planning now owns 12,168 shares of the energy company’s stock valued at $872,000 after purchasing an additional 996 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the sale, the director now directly owns 3,576 shares in the company, valued at $293,232. The trade was a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the transaction, the insider now directly owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Roth Mkm reiterated a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Jefferies Financial Group started coverage on Ormat Technologies in a research note on Friday, January 10th. They set a “hold” rating and a $73.00 price objective on the stock. Piper Sandler initiated coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, Oppenheimer raised their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Ormat Technologies has a consensus rating of “Hold” and a consensus price target of $82.25.

Ormat Technologies Price Performance

ORA opened at $64.20 on Friday. Ormat Technologies, Inc. has a 1 year low of $59.41 and a 1 year high of $84.30. The company’s 50 day simple moving average is $70.97 and its 200 day simple moving average is $74.50. The stock has a market capitalization of $3.88 billion, a PE ratio of 32.75, a P/E/G ratio of 2.97 and a beta of 0.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $211.80 million for the quarter, compared to analyst estimates of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. Ormat Technologies’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.47 EPS. As a group, sell-side analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Wednesday, November 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 24.49%.

Ormat Technologies Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.