RWC Asset Management LLP Trims Stock Holdings in Ormat Technologies, Inc. $ORA

RWC Asset Management LLP decreased its position in Ormat Technologies, Inc. (NYSE:ORA) by 28.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,901 shares of the energy company’s stock after selling 38,200 shares during the period. RWC Asset Management LLP owned approximately 0.16% of Ormat Technologies worth $10,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ORA. Los Angeles Capital Management LLC purchased a new position in Ormat Technologies in the 4th quarter worth $32,000. Wolff Wiese Magana LLC acquired a new stake in Ormat Technologies during the fourth quarter valued at $33,000. Jones Financial Companies Lllp grew its position in Ormat Technologies by 43.8% during 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 during the period. Ameriflex Group Inc. grew 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 purchasing an additional 330 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Ormat Technologies by 251.0% in the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock valued at $44,000 after purchasing an additional 374 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

NYSE:ORA opened at $140.21 on Monday. The company’s 50-day moving average price is $122.04 and its 200-day moving average price is $117.30. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The company has a market cap of $8.62 billion, a P/E ratio of 68.06, a P/E/G ratio of 5.97 and a beta of 0.85. Ormat Technologies, Inc. has a twelve month low of $76.96 and a twelve month high of $146.39.

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

Ormat Technologies Dividend Announcement

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

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director Michal Marom sold 3,080 shares of Ormat Technologies stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total transaction of $403,387.60. Following the transaction, the director directly owned 1,766 shares of the company’s stock, valued at $231,293.02. The trade was a 63.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Byron G. Wong sold 4,500 shares of Ormat Technologies stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the transaction, the director directly owned 5,925 shares in the company, valued at $795,846. This trade represents a 43.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,721 shares of company stock valued at $4,105,657. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ORA. Barclays lifted their target price on shares of 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 lifted their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Royal Bank Of Canada began coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. Jefferies Financial Group lowered shares of Ormat Technologies from a “buy” rating to a “hold” rating and lifted their target price for the company from $125.00 to $130.00 in a research report on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $133.18.

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.