JPMorgan Chase & Co. Cuts Stock Holdings in Ormat Technologies, Inc. $ORA

JPMorgan Chase & Co. trimmed its position in shares of Ormat Technologies, Inc. (NYSE:ORA) by 87.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 369,660 shares of the energy company’s stock after selling 2,510,484 shares during the quarter. JPMorgan Chase & Co. owned 0.61% of Ormat Technologies worth $30,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Canada Pension Plan Investment Board boosted its holdings in Ormat Technologies by 7,951.9% during the first quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock worth $46,726,000 after purchasing an additional 652,055 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Ormat Technologies by 19.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock valued at $133,770,000 after buying an additional 303,756 shares during the last quarter. Nuveen LLC bought a new position in shares of Ormat Technologies during the 1st quarter worth approximately $14,453,000. Handelsbanken Fonder AB lifted its position in shares of Ormat Technologies by 35.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 351,244 shares of the energy company’s stock worth $29,420,000 after buying an additional 91,986 shares in the last quarter. Finally, Roubaix Capital LLC purchased a new position in shares of Ormat Technologies in the 1st quarter worth approximately $5,030,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of NYSE:ORA opened at $110.76 on Wednesday. The firm has a market capitalization of $6.73 billion, a PE ratio of 51.52, a P/E/G ratio of 4.84 and a beta of 0.77. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. The company has a 50-day moving average price of $106.90 and a two-hundred day moving average price of $93.30. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $115.72.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The company had revenue of $249.73 million for the quarter, compared to analysts’ expectations of $235.03 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. Ormat Technologies’s revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Equities analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, November 17th. Ormat Technologies’s dividend payout ratio (DPR) is presently 22.02%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ORA. UBS Group increased their price target on Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Roth Capital reiterated a “buy” rating and set a $125.00 target price on shares of Ormat Technologies in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th. TD Cowen raised their price objective on shares of Ormat Technologies from $95.00 to $100.00 and gave the stock a “hold” rating in a report on Wednesday, November 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 target price on shares of Ormat Technologies in a research note on Monday, November 24th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $116.00.

Insider Buying and Selling

In other Ormat Technologies news, Director Isaac Angel sold 18,018 shares of Ormat Technologies stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the completion of the transaction, the director owned 29,650 shares of the company’s stock, valued at $3,333,253. The trade was a 37.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Assi Ginzburg sold 20,000 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $112.72, for a total transaction of $2,254,400.00. Following the completion of the sale, the chief financial officer directly owned 4,482 shares in the company, valued at approximately $505,211.04. The trade was a 81.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 72,418 shares of company stock valued at $7,580,300 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.