Nicholas Investment Partners LP Takes $4.84 Million Position in Ormat Technologies, Inc. $ORA

Nicholas Investment Partners LP purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 43,767 shares of the energy company’s stock, valued at approximately $4,835,000. Nicholas Investment Partners LP owned approximately 0.07% of Ormat Technologies as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ORA. Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies in the fourth quarter valued at $32,000. Wolff Wiese Magana LLC purchased a new position in shares of Ormat Technologies in the fourth quarter valued at $33,000. Smartleaf Asset Management LLC increased its position in shares of Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after buying an additional 211 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Ormat Technologies by 43.8% in the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after buying an additional 113 shares in the last quarter. Finally, Ameriflex Group Inc. increased its position in shares of Ormat Technologies by 1,100.0% in the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock valued at $35,000 after buying an additional 330 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Wall Street Analyst Weigh In

ORA has been the subject of a number of research analyst reports. Barclays raised their price target on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Piper Sandler increased their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. UBS Group increased their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 price objective on shares of Ormat Technologies in a research note on Friday, May 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.18.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the firm’s 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 of the company’s stock, valued at approximately $265,457.50. This trade represents a 90.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Byron G. Wong sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the sale, the director directly owned 5,925 shares in the company, valued at approximately $795,846. The trade was a 43.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,721 shares of company stock worth $4,105,657 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Stock Up 1.5%

Shares of NYSE:ORA opened at $138.43 on Friday. The stock’s 50-day moving average price is $124.61 and its two-hundred day moving average price is $118.26. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 12-month low of $78.24 and a 12-month high of $146.39. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 67.20, a PEG ratio of 5.89 and a beta of 0.85.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The firm had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same period last year, the company earned $0.68 EPS. The firm’s quarterly revenue was up 75.8% on a year-over-year basis. On average, research analysts forecast that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.30%.

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.