Ormat Technologies (NYSE:ORA) CEO Sells $1,420,081.74 in Stock

Ormat Technologies, Inc. (NYSE:ORA) CEO Doron Blachar sold 14,994 shares of the business’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $94.71, for a total transaction of $1,420,081.74. Following the sale, the chief executive officer owned 35,419 shares in the company, valued at $3,354,533.49. This represents a 29.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ormat Technologies Stock Down 0.5%

ORA stock opened at $99.86 on Friday. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $101.15. The company’s 50 day simple moving average is $91.38 and its 200-day simple moving average is $81.80. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The firm has a market capitalization of $6.06 billion, a P/E ratio of 46.44, a P/E/G ratio of 4.67 and a beta of 0.69.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.11. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The business had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. During the same quarter in the previous year, the business earned $0.37 earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s payout ratio is currently 22.33%.

Institutional Trading of Ormat Technologies

Several large investors have recently added to or reduced their stakes in ORA. GAMMA Investing LLC grew its position in Ormat Technologies by 4,485.0% in the first quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company’s stock worth $2,820,000 after acquiring an additional 38,975 shares in the last quarter. UMB Bank n.a. grew its position in Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company’s stock worth $62,000 after acquiring an additional 263 shares in the last quarter. Wesbanco Bank Inc. grew its position in Ormat Technologies by 26.2% in the first quarter. Wesbanco Bank Inc. now owns 28,400 shares of the energy company’s stock worth $2,010,000 after acquiring an additional 5,900 shares in the last quarter. Yousif Capital Management LLC grew its position in Ormat Technologies by 3.7% in the first quarter. Yousif Capital Management LLC now owns 19,576 shares of the energy company’s stock worth $1,385,000 after acquiring an additional 695 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of Ormat Technologies by 66.3% in the first quarter. Handelsbanken Fonder AB now owns 259,258 shares of the energy company’s stock worth $18,348,000 after buying an additional 103,352 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ORA shares. Piper Sandler upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $102.00 in a report on Wednesday, September 17th. UBS Group boosted their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Oppenheimer reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Ormat Technologies in a research report on Friday, August 8th. Baird R W raised shares of Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 30th. Finally, Barclays lowered their price objective on shares of Ormat Technologies from $90.00 to $89.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.50.

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.