Chesapeake Capital Corp IL Purchases New Position in Ormat Technologies, Inc. $ORA

Chesapeake Capital Corp IL acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,334 shares of the energy company’s stock, valued at approximately $610,000.

A number of other institutional investors have also recently bought and sold shares of ORA. Jones Financial Companies Lllp boosted its position in shares of Ormat Technologies by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock worth $35,000 after purchasing an additional 113 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Ormat Technologies by 9.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,609 shares of the energy company’s stock valued at $135,000 after buying an additional 144 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in Ormat Technologies by 4.3% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,803 shares of the energy company’s stock worth $366,000 after buying an additional 158 shares during the period. Creative Planning raised its stake in Ormat Technologies by 1.2% during the 2nd quarter. Creative Planning now owns 13,526 shares of the energy company’s stock worth $1,133,000 after buying an additional 159 shares during the period. Finally, CWM LLC lifted its holdings in Ormat Technologies by 17.1% during the third quarter. CWM LLC now owns 1,098 shares of the energy company’s stock worth $106,000 after acquiring an additional 160 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insider Activity

In related news, insider Jessica Woelfel sold 2,359 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total transaction of $248,072.44. Following the sale, the insider owned 3,433 shares in the company, valued at approximately $361,014.28. This represents a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Price Performance

Shares of ORA opened at $110.35 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.81 and a debt-to-equity ratio of 0.79. Ormat Technologies, Inc. has a twelve month low of $64.39 and a twelve month high of $132.58. The stock has a market capitalization of $6.71 billion, a P/E ratio of 54.90, a P/E/G ratio of 4.65 and a beta of 0.84. The company has a 50 day moving average of $117.69 and a 200-day moving average of $109.30.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, February 25th. The energy company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. The business had revenue of $276.04 million during the quarter, compared to analysts’ expectations of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The firm’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.67 earnings per share. As a group, equities research analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 10th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup increased their price target on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a report on Wednesday, February 18th. Piper Sandler lifted their price objective on Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Oppenheimer boosted their price objective on Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Tuesday, January 27th. TD Cowen lowered their target price on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Finally, Barclays raised their target price on shares of Ormat Technologies from $108.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $129.09.

Ormat Technologies 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.