SteelPeak Wealth LLC Invests $768,000 in Ormat Technologies, Inc. $ORA

SteelPeak Wealth LLC purchased a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 6,858 shares of the energy company’s stock, valued at approximately $768,000.

Other large investors also recently bought and sold shares of the company. Signaturefd LLC boosted its position in Ormat Technologies by 13.0% in the 4th quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock worth $82,000 after purchasing an additional 86 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Ormat Technologies by 9.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock valued at $127,000 after purchasing an additional 99 shares in the last quarter. State of Wyoming increased its holdings in shares of Ormat Technologies by 6.7% during the 4th quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock valued at $231,000 after purchasing an additional 131 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Ormat Technologies by 7.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company’s stock valued at $239,000 after purchasing an additional 144 shares during the period. Finally, Evexia Wealth LLC lifted its stake in shares of Ormat Technologies by 2.8% in the 1st quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company’s stock valued at $610,000 after purchasing an additional 149 shares during the period. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $104.75 on Friday. The company’s fifty day moving average price is $126.03 and its 200 day moving average price is $118.99. Ormat Technologies, Inc. has a 1 year low of $84.13 and a 1 year high of $146.39. The stock has a market capitalization of $6.44 billion, a P/E ratio of 50.85, a P/E/G ratio of 4.46 and a beta of 0.88. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The firm’s revenue for the quarter was up 75.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. As a group, equities research analysts anticipate that Ormat Technologies, Inc. will post 2.33 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s payout ratio is currently 23.30%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Piper Sandler raised their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Barclays upped their price objective on shares of Ormat Technologies from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Wolfe Research began coverage on Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating on the stock. Finally, Oppenheimer restated an “outperform” rating and issued a $144.00 price target on shares of Ormat Technologies in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $131.75.

Insider Activity

In related news, CFO Assi Ginzburg sold 17,776 shares of Ormat Technologies stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $134.75, for a total value of $2,395,316.00. Following the sale, the chief financial officer directly owned 1,970 shares in the company, valued at approximately $265,457.50. The trade was a 90.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, the director owned 1,766 shares in the company, valued at approximately $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 30,585 shares of company stock worth $4,090,998. 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.