SteelPeak Wealth LLC Makes New Investment in Ormat Technologies, Inc. $ORA

SteelPeak Wealth LLC purchased a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,858 shares of the energy company’s stock, valued at approximately $768,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd purchased a new position in Ormat Technologies during the 4th quarter worth $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Ormat Technologies in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC raised its stake in Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after buying an additional 211 shares during the last quarter. Wolff Wiese Magana LLC purchased a new stake in Ormat Technologies in the fourth quarter valued at about $33,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Ormat Technologies in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Buying and Selling

In related news, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares in the company, valued at approximately $265,457.50. This represents a 90.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michal Marom sold 3,080 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was 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. This represents a 63.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,585 shares of company stock worth $4,090,998 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Stock Performance

Shares of ORA opened at $104.75 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a 50-day moving average of $126.03 and a two-hundred day moving average of $118.99. The stock has a market cap of $6.44 billion, a P/E ratio of 50.85, a P/E/G ratio of 4.46 and a beta of 0.88. Ormat Technologies, Inc. has a one year low of $84.13 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same period in the prior year, the company earned $0.68 earnings per share. The company’s revenue was up 75.8% on a year-over-year basis. As a group, research analysts predict that Ormat Technologies, Inc. will post 2.33 EPS for the current year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a $0.12 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is currently 23.30%.

Analysts Set New Price Targets

ORA has been the topic of a number of research analyst reports. UBS Group boosted their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $144.00 price objective on shares of Ormat Technologies in a research report on Friday, May 8th. Sanford C. Bernstein began coverage on shares of Ormat Technologies in a research note on Tuesday, June 16th. They issued an “underperform” rating and a $115.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Finally, Barclays boosted their target price on shares of Ormat Technologies from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Thursday. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ormat Technologies has a consensus rating of “Moderate Buy” and an average price target of $131.75.

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.