Everett Harris & Co. CA Makes New $762,000 Investment in Ormat Technologies, Inc. $ORA

Everett Harris & Co. CA purchased a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,000 shares of the energy company’s stock, valued at approximately $762,000.

A number of other hedge funds have also recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. lifted its position in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after purchasing an additional 540,000 shares in the last quarter. Legato Capital Management LLC purchased a new stake in Ormat Technologies in the fourth quarter worth about $1,319,000. Jennison Associates LLC increased its position in Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after buying an additional 30,910 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Ormat Technologies by 259.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock worth $7,935,000 after buying an additional 51,830 shares in the last quarter. Finally, Nicholas Investment Partners LP bought a new position in shares of Ormat Technologies in the fourth quarter worth about $4,835,000. Institutional investors own 95.49% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ORA shares. UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Wall Street Zen lowered shares of Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Oppenheimer decreased their target price on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating and set a $112.00 price target on shares of Ormat Technologies in a report on Monday. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $130.83.

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,766 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the sale, the director directly owned 1,766 shares of the company’s stock, valued at $237,403.38. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the sale, the director owned 5,800 shares in the company, valued at approximately $802,836. The trade was a 4.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 6,849 shares of company stock valued at $908,019. Corporate insiders own 0.50% of the company’s stock.

Ormat Technologies Price Performance

NYSE:ORA opened at $114.83 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The business’s 50-day simple moving average is $113.62 and its two-hundred day simple moving average is $117.24. The stock has a market cap of $7.06 billion, a PE ratio of 56.57, a P/E/G ratio of 4.50 and a beta of 0.90. Ormat Technologies, Inc. has a 52 week low of $87.33 and a 52 week high of $146.39.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.During the same period in the previous year, the business earned $0.48 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. As a group, analysts forecast that Ormat Technologies, Inc. will post 2.52 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s payout ratio is currently 23.65%.

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.