Ormat Technologies (NYSE:ORA) Director Sells $604,440.00 in Stock

Ormat Technologies, Inc. (NYSE:ORA) Director Byron Wong sold 4,500 shares of the stock in a transaction 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 owned 5,925 shares of the company’s stock, valued at $795,846. This represents a 43.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Ormat Technologies Price Performance

Shares of ORA stock traded down $3.93 during trading hours on Friday, hitting $131.52. 1,551,006 shares of the company’s stock were exchanged, compared to its average volume of 867,439. The stock’s 50-day moving average is $113.25 and its 200-day moving average is $114.25. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of 63.84, a price-to-earnings-growth ratio of 5.72 and a beta of 0.80. Ormat Technologies, Inc. has a 52 week low of $70.42 and a 52 week high of $138.51.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping the consensus estimate of $0.92 by $0.38. The company 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 revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. As a group, research analysts forecast that Ormat Technologies, Inc. will post 2.33 EPS for the current year.

Ormat Technologies Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays raised their price target on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Jefferies Financial Group cut Ormat Technologies from a “buy” rating to a “hold” rating and raised their target price for the stock from $125.00 to $130.00 in a report on Friday, February 13th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. JPMorgan Chase & Co. raised their target price on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Finally, UBS Group raised their target price on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ormat Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.64.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AGF Management Ltd. acquired a new stake in shares of Ormat Technologies during the third quarter worth about $9,527,000. Retirement Systems of Alabama raised its position in shares of Ormat Technologies by 169.7% during the third quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company’s stock worth $18,286,000 after purchasing an additional 119,552 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after purchasing an additional 540,000 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Ormat Technologies during the third quarter worth about $14,005,000. Finally, Jennison Associates LLC raised its position in shares of Ormat Technologies by 51.7% during the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after purchasing an additional 30,910 shares during the period. Institutional investors own 95.49% of the company’s stock.

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.