Everett Harris & Co. CA Acquires Shares of 7,000 Ormat Technologies, Inc. $ORA

Everett Harris & Co. CA acquired a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, HoldingsChannel reports. The firm acquired 7,000 shares of the energy company’s stock, valued at approximately $762,000.

Several other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Ormat Technologies by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock worth $211,036,000 after purchasing an additional 43,749 shares during the last quarter. Geode Capital Management LLC boosted its stake in Ormat Technologies by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock valued at $178,033,000 after buying an additional 102,864 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Ormat Technologies by 32.7% during 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 buying an additional 282,583 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after buying an additional 413,384 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after buying an additional 540,000 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Stanley Stern sold 250 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares in the company, valued at $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 through this hyperlink. Also, Director David Granot sold 1,766 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 6,849 shares of company stock valued at $908,019. 0.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on ORA shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Piper Sandler increased their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Roth Capital reissued a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Oppenheimer cut their target price on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Finally, Barclays reduced their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $130.83.

Ormat Technologies Trading Up 1.2%

ORA opened at $114.83 on Friday. The firm has a market cap of $7.06 billion, a P/E ratio of 56.57, a P/E/G ratio of 4.50 and a beta of 0.90. Ormat Technologies, Inc. has a 12 month low of $87.33 and a 12 month high of $146.39. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The stock has a 50-day moving average of $113.62 and a 200 day moving average of $117.24.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, research analysts forecast that Ormat Technologies, Inc. will post 2.52 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s payout ratio is 23.65%.

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.