Ormat Technologies, Inc. $ORA Stake Reduced by Swedbank AB

Swedbank AB decreased its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 26.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,363 shares of the energy company’s stock after selling 12,532 shares during the period. Swedbank AB’s holdings in Ormat Technologies were worth $3,307,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Curio Wealth LLC lifted its stake in Ormat Technologies by 29,200.0% during the second quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Ormat Technologies by 251.0% in the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock valued at $44,000 after buying an additional 374 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Ormat Technologies by 57.4% during the 2nd quarter. GAMMA Investing LLC now owns 886 shares of the energy company’s stock valued at $74,000 after acquiring an additional 323 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Ormat Technologies by 20.3% during the 2nd quarter. UMB Bank n.a. now owns 1,059 shares of the energy company’s stock worth $89,000 after acquiring an additional 179 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Ormat Technologies by 30.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company’s stock worth $76,000 after acquiring an additional 252 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ORA shares. Piper Sandler upped their target price on Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. TD Cowen upped their price objective on shares of Ormat Technologies from $100.00 to $115.00 and gave the company a “hold” rating in a research note on Thursday, December 11th. Cowen reiterated a “hold” rating on shares of Ormat Technologies in a report on Wednesday, November 5th. Oppenheimer restated an “outperform” rating and set a $125.00 price target on shares of Ormat Technologies in a report on Wednesday, November 5th. Finally, Roth Capital restated a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.22.

Ormat Technologies Trading Down 1.2%

NYSE:ORA opened at $113.00 on Friday. The stock has a market cap of $6.87 billion, a PE ratio of 51.84, a price-to-earnings-growth ratio of 5.16 and a beta of 0.74. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $116.66. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.70. The stock’s 50-day moving average is $110.43 and its two-hundred day moving average is $97.96.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $249.73 million during the quarter, compared to analysts’ expectations of $235.03 million. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.36 earnings per share. As a group, equities research analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s payout ratio is currently 22.02%.

Insiders Place Their Bets

In related news, Director Ravit Barniv sold 1,753 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.54, for a total transaction of $197,282.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Assi Ginzburg sold 20,000 shares of Ormat Technologies stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.72, for a total value of $2,254,400.00. Following the sale, the chief financial officer directly owned 4,482 shares of the company’s stock, valued at approximately $505,211.04. The trade was a 81.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,846 shares of company stock valued at $6,686,789 in the last three months. Company insiders own 0.56% of the company’s stock.

Ormat Technologies Company 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.