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

Perigon Wealth Management LLC acquired a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,047 shares of the energy company’s stock, valued at approximately $550,000.

Several other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Ormat Technologies during the fourth quarter valued at $86,545,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of 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 worth $97,935,000 after buying an additional 540,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after acquiring an additional 413,384 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after buying an additional 282,583 shares during the period. Finally, Altshuler Shaham Ltd grew its stake in Ormat Technologies by 5,810.5% in the first quarter. Altshuler Shaham Ltd now owns 254,625 shares of the energy company’s stock valued at $28,254,000 after acquiring an additional 250,317 shares during the period. 95.49% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ormat Technologies

In other news, Director Stanley Stern sold 250 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the sale, the director owned 5,800 shares in the company, valued at $802,836. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ORA has been the subject of a number of analyst reports. Piper Sandler lifted their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Barclays dropped their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Roth Capital reiterated a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a research note on Monday, May 11th. Oppenheimer dropped their target price on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Finally, Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Eight research 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.83.

Ormat Technologies Trading Up 0.6%

Shares of Ormat Technologies stock opened at $110.32 on Thursday. The firm has a market cap of $6.78 billion, a PE ratio of 54.35, a P/E/G ratio of 4.44 and a beta of 0.90. Ormat Technologies, Inc. has a 1 year low of $89.08 and a 1 year high of $146.39. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The stock has a fifty day moving average price of $112.07 and a 200-day moving average price of $116.86.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts anticipate that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies’s payout ratio is presently 23.65%.

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.