Insider Selling: Ormat Technologies (NYSE:ORA) Director Sells 577 Shares of Stock

Ormat Technologies, Inc. (NYSE:ORA) Director Stanley Stern sold 577 shares of Ormat Technologies stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $130.17, for a total transaction of $75,108.09. Following the sale, the director owned 6,050 shares in the company, valued at approximately $787,528.50. This represents a 8.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ormat Technologies Trading Down 2.9%

NYSE:ORA traded down $3.93 during mid-day trading on Friday, hitting $131.52. 1,551,006 shares of the company’s stock were exchanged, compared to its average volume of 867,439. The company has a 50 day simple moving average of $113.25 and a 200-day simple moving average of $114.25. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a fifty-two week low of $70.42 and a fifty-two week high of $138.51. The firm has a market capitalization of $8.08 billion, a P/E ratio of 63.84, a PEG ratio of 5.72 and a beta of 0.80.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $349.17 million. During the same period last year, the company earned $0.68 EPS. The firm’s revenue was up 75.8% compared to the same quarter last year. As a group, research analysts expect that Ormat Technologies, Inc. will post 2.33 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies in the 4th quarter valued at about $26,000. Main Street Group LTD bought a new stake in Ormat Technologies in the 1st quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Ormat Technologies in the 4th quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new stake in Ormat Technologies in the 4th quarter valued at about $32,000. Finally, Wolff Wiese Magana LLC bought a new stake in Ormat Technologies in the 4th quarter valued at about $33,000. 95.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on ORA. UBS Group raised their price target on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Barclays lifted their price objective on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. TD Cowen lowered their price objective on shares of Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 27th. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Finally, Citigroup lifted their price target on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $131.64.

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.