Royce & Associates LP Buys New Holdings in Ormat Technologies, Inc. $ORA

Royce & Associates LP bought a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA) in the 4th quarter, Holdings Channel.com reports. The firm bought 22,505 shares of the energy company’s stock, valued at approximately $2,486,000.

Other institutional investors also recently bought and sold shares of the company. AGF Management Ltd. purchased a new stake in Ormat Technologies during the 3rd quarter valued at about $9,527,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings 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 valued at $97,935,000 after acquiring an additional 540,000 shares during the period. Jennison Associates LLC boosted its holdings in Ormat Technologies by 51.7% during the 4th quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after acquiring an additional 30,910 shares during the period. Legato Capital Management LLC purchased a new stake in Ormat Technologies during the 4th quarter valued at about $1,319,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ormat Technologies by 259.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock valued at $7,935,000 after acquiring an additional 51,830 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ORA shares. Roth Mkm reiterated a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. TD Cowen cut their price objective on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Piper Sandler raised their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. raised their price target on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, Jefferies Financial Group lowered Ormat Technologies from a “buy” rating to a “hold” rating and raised their price target for the stock from $125.00 to $130.00 in a research note on Friday, February 13th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.18.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $136.88 on Friday. The stock has a fifty day moving average of $118.80 and a 200 day moving average of $116.15. Ormat Technologies, Inc. has a 52 week low of $73.05 and a 52 week high of $141.62. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of 66.45, a PEG ratio of 5.85 and a beta of 0.80. 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 announced its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping 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 company had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same quarter last year, the firm posted $0.68 earnings per share. The firm’s revenue was up 75.8% on a year-over-year basis. As a group, research analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Insider Buying and Selling

In other news, Director David Granot sold 1,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the transaction, the director owned 1,766 shares in the company, valued at $237,403.38. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Byron G. Wong sold 4,500 shares of the firm’s 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 transaction, the director owned 5,925 shares of the company’s stock, valued at approximately $795,846. The trade was a 43.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 33,949 shares of company stock worth $4,444,618 over the last quarter. Company insiders own 0.56% of the company’s stock.

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.