Ormat Technologies, Inc. $ORA Shares Sold by Clal Insurance Enterprises Holdings Ltd

Clal Insurance Enterprises Holdings Ltd lowered its stake in Ormat Technologies, Inc. (NYSE:ORA) by 0.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,925,086 shares of the energy company’s stock after selling 11,804 shares during the quarter. Ormat Technologies makes up 1.3% of Clal Insurance Enterprises Holdings Ltd’s investment portfolio, making the stock its 16th largest holding. Clal Insurance Enterprises Holdings Ltd’s holdings in Ormat Technologies were worth $215,313,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in ORA. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after buying an additional 540,000 shares during the period. Legato Capital Management LLC acquired a new position in Ormat Technologies during the fourth quarter valued at $1,319,000. Jennison Associates LLC raised its position in Ormat Technologies by 51.7% during the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after buying an additional 30,910 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Ormat Technologies by 259.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock worth $7,935,000 after acquiring an additional 51,830 shares in the last quarter. Finally, Nicholas Investment Partners LP purchased a new stake in Ormat Technologies in the 4th quarter worth about $4,835,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Byron G. Wong sold 4,500 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Granot sold 1,766 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, the director owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,585 shares of company stock valued at $4,090,998 in the last quarter. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

ORA has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 price objective on shares of Ormat Technologies in a research report on Friday, May 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday. Piper Sandler lifted their price target on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Finally, Barclays upped their target price on shares of Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.75.

Ormat Technologies Trading Up 1.5%

Shares of Ormat Technologies stock opened at $105.07 on Wednesday. Ormat Technologies, Inc. has a 12-month low of $84.13 and a 12-month high of $146.39. The stock has a market cap of $6.46 billion, a P/E ratio of 51.01, a P/E/G ratio of 4.41 and a beta of 0.88. The business’s 50 day moving average is $125.21 and its 200-day moving average is $118.94. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data 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. The company had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business’s revenue was up 75.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 earnings per share. Equities research analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Ormat Technologies Company 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.