Ormat Technologies, Inc. $ORA Shares Acquired by Jennison Associates LLC

Jennison Associates LLC grew its holdings in Ormat Technologies, Inc. (NYSE:ORA) by 51.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 90,753 shares of the energy company’s stock after acquiring an additional 30,910 shares during the quarter. Jennison Associates LLC owned 0.15% of Ormat Technologies worth $10,025,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ORA. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Ormat Technologies by 62.6% in 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. Balyasny Asset Management L.P. acquired a new stake in Ormat Technologies in the second quarter worth about $18,310,000. AEGON ASSET MANAGEMENT UK Plc boosted its holdings in Ormat Technologies by 102.6% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after acquiring an additional 149,271 shares in the last quarter. Finally, Scopus Asset Management L.P. acquired a new stake in Ormat Technologies in the third quarter worth about $12,658,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Trading Down 1.2%

Ormat Technologies stock opened at $113.54 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.81 and a debt-to-equity ratio of 0.79. Ormat Technologies, Inc. has a 52 week low of $70.42 and a 52 week high of $132.58. The company has a market capitalization of $6.98 billion, a price-to-earnings ratio of 56.49, a price-to-earnings-growth ratio of 4.97 and a beta of 0.80. The stock has a 50-day moving average price of $111.13 and a 200 day moving average price of $113.27.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, February 25th. The energy company reported $0.67 EPS for the quarter, hitting analysts’ consensus estimates of $0.67. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The firm had revenue of $276.04 million during the quarter, compared to the consensus estimate of $257.75 million. During the same quarter in the previous year, the company posted $0.67 earnings per share. The company’s revenue was up 19.6% compared to the same quarter last year. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.28 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, March 10th. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Barclays raised their price target on Ormat Technologies from $108.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. Royal Bank Of Canada started coverage on Ormat Technologies in a report on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 target price for the company. TD Cowen decreased their target price on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, Oppenheimer lifted their target price on Ormat Technologies from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Tuesday, January 27th. Eight equities research 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 an average rating of “Moderate Buy” and a consensus price target of $128.64.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 2,359 shares of Ormat Technologies stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the transaction, the insider directly owned 3,433 shares in the company, valued at approximately $361,014.28. This trade represents a 40.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 3,364 shares of company stock worth $353,621 in the last three months. 0.56% of the stock is currently owned by company insiders.

Ormat Technologies 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.