Ardsley Advisory Partners LP Makes New Investment in Ormat Technologies, Inc. $ORA

Ardsley Advisory Partners LP bought a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 30,000 shares of the energy company’s stock, valued at approximately $3,314,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ORA. Aster Capital Management DIFC Ltd bought a new position in shares of Ormat Technologies during the 4th quarter valued at about $26,000. Los Angeles Capital Management LLC bought a new position in shares of Ormat Technologies during the 4th quarter valued at about $32,000. Wolff Wiese Magana LLC bought a new position in shares of Ormat Technologies during the 4th quarter valued at about $33,000. Smartleaf Asset Management LLC lifted its holdings in shares of Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after purchasing an additional 113 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares of the company’s stock, valued at $265,457.50. The trade was a 90.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Byron G. Wong sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the transaction, the director directly owned 5,925 shares in the company, valued at $795,846. This trade represents a 43.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 30,721 shares of company stock worth $4,105,657. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Trading Down 5.6%

NYSE ORA opened at $126.43 on Thursday. The stock has a market capitalization of $7.77 billion, a price-to-earnings ratio of 61.37, a PEG ratio of 5.71 and a beta of 0.85. The stock’s 50 day moving average price is $125.87 and its two-hundred day moving average price is $118.73. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. Ormat Technologies, Inc. has a 52 week low of $80.82 and a 52 week high of $146.39.

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

Ormat Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ORA shares. Robert W. Baird cut their price objective on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Sanford C. Bernstein started coverage on Ormat Technologies in a report on Tuesday. They set an “underperform” rating and a $115.00 price objective on the stock. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Roth Mkm reiterated a “buy” rating and set a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $131.67.

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.