Ormat Technologies, Inc. $ORA Shares Acquired by L & S Advisors Inc

L & S Advisors Inc lifted its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA) by 88.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 18,466 shares of the energy company’s stock after acquiring an additional 8,693 shares during the quarter. L & S Advisors Inc’s holdings in Ormat Technologies were worth $2,040,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Ormat Technologies in the 2nd quarter valued at $18,310,000. AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of Ormat Technologies by 102.6% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after purchasing an additional 149,271 shares during the last quarter. Finally, Scopus Asset Management L.P. acquired a new position in shares of Ormat Technologies during the third quarter worth $12,658,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Stock Down 0.0%

Ormat Technologies stock opened at $131.52 on Monday. The stock’s 50 day moving average price is $113.73 and its 200 day moving average price is $114.42. Ormat Technologies, Inc. has a 1-year low of $70.42 and a 1-year high of $138.51. The company has a market cap of $8.08 billion, a PE ratio of 63.84, a price-to-earnings-growth ratio of 5.63 and a beta of 0.80. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02.

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 analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million for the quarter, compared to analysts’ expectations of $349.17 million. During the same period in the prior year, the company posted $0.68 EPS. The business’s revenue for the quarter was up 75.8% on a year-over-year basis. On average, sell-side analysts predict that Ormat Technologies, Inc. will post 2.33 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is 23.30%.

Insider Buying and Selling

In related news, Director Dafna Sharir sold 883 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $122.44, for a total value of $108,114.52. Following the completion of the transaction, the director owned 3,140 shares of the company’s stock, valued at approximately $384,461.60. The trade was a 21.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction on 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 transaction, the chief financial officer directly owned 1,970 shares in the company, valued at approximately $265,457.50. This represents a 90.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 27,100 shares of company stock valued at $3,536,599. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ORA shares. TD Cowen cut their price target on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. Jefferies Financial Group cut shares of Ormat Technologies from a “buy” rating to a “hold” rating and raised their price objective for the stock from $125.00 to $130.00 in a report on Friday, February 13th. JPMorgan Chase & Co. upped their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada started 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. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and an average target price of $131.64.

About Ormat Technologies

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.