Michal Marom Sells 3,080 Shares of Ormat Technologies (NYSE:ORA) Stock

Ormat Technologies, Inc. (NYSE:ORA) Director Michal Marom sold 3,080 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the transaction, the director owned 1,766 shares in the company, valued at $231,293.02. This represents a 63.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $133.28 on Friday. The company has a market capitalization of $8.19 billion, a P/E ratio of 64.70, a P/E/G ratio of 5.71 and a beta of 0.80. The business’s 50 day moving average is $115.98 and its two-hundred day moving average is $115.26. 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 12-month low of $70.60 and a 12-month high of $138.51.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.Ormat Technologies’s revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 earnings per share. Analysts expect that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

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 given a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is currently 23.30%.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in ORA. Aster Capital Management DIFC Ltd purchased a new position in Ormat Technologies during the fourth quarter worth approximately $26,000. Main Street Group LTD purchased a new position in Ormat Technologies during the first quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in Ormat Technologies during the fourth quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new position in Ormat Technologies during the fourth quarter worth approximately $32,000. Finally, Wolff Wiese Magana LLC purchased a new position in Ormat Technologies during the fourth quarter worth approximately $33,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ORA. Jefferies Financial Group downgraded Ormat Technologies from a “buy” rating to a “hold” rating and increased their price target for the stock from $125.00 to $130.00 in a research report on Friday, February 13th. Piper Sandler increased their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research report on Monday. Roth Mkm restated a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a research report on Monday, May 11th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. Finally, Oppenheimer restated an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Moderate Buy” and an average target price of $133.18.

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.