Ormat Technologies (NYSE:ORA) Director Byron Wong Sells 4,500 Shares

Ormat Technologies, Inc. (NYSE:ORA) Director Byron Wong sold 4,500 shares of Ormat Technologies stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total transaction of $604,440.00. Following the transaction, the director owned 5,925 shares of the company’s stock, valued at $795,846. This represents a 43.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ormat Technologies Stock Down 2.9%

Shares of NYSE ORA opened at $131.52 on Friday. The stock has a market capitalization of $8.08 billion, a P/E ratio of 63.84, a P/E/G ratio of 5.80 and a beta of 0.80. The company has a 50-day moving average price of $113.73 and a 200-day moving average price of $114.37. Ormat Technologies, Inc. has a 1 year low of $70.42 and a 1 year high of $138.51. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The firm 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 business’s revenue was up 75.8% on a year-over-year basis. During the same period last year, the company earned $0.68 earnings per share. On average, equities research analysts forecast that Ormat Technologies, Inc. will post 2.33 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Wednesday, May 20th. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. JPMorgan Chase & Co. boosted their price target 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. Robert W. Baird cut their price target on shares of Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. TD Cowen cut their price target on shares of Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Finally, Royal Bank Of Canada assumed coverage on shares of Ormat Technologies in a report on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $131.64.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies in the fourth quarter worth about $26,000. Main Street Group LTD bought a new stake in Ormat Technologies in the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Ormat Technologies in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC raised its position in Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after acquiring an additional 211 shares during the period. Finally, Wolff Wiese Magana LLC bought a new stake in Ormat Technologies in the fourth quarter worth about $33,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.