Royal Bank of Canada Sells 114,411 Shares of Ormat Technologies, Inc. $ORA

Royal Bank of Canada lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 88.1% during the first quarter, Holdings Channel reports. The fund owned 15,520 shares of the energy company’s stock after selling 114,411 shares during the quarter. Royal Bank of Canada’s holdings in Ormat Technologies were worth $1,737,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Ranger Investment Management L.P. acquired a new stake in Ormat Technologies in the first quarter worth $12,082,000. Quantinno Capital Management LP raised its holdings in shares of Ormat Technologies by 18.6% during the first quarter. Quantinno Capital Management LP now owns 7,048 shares of the energy company’s stock valued at $789,000 after purchasing an additional 1,103 shares during the period. Saba Capital Management L.P. acquired a new position in shares of Ormat Technologies during the first quarter valued at about $315,000. Gabelli Funds LLC boosted its position in shares of Ormat Technologies by 0.6% during the 1st quarter. Gabelli Funds LLC now owns 96,050 shares of the energy company’s stock worth $10,750,000 after purchasing an additional 600 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Ormat Technologies by 979.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 150,620 shares of the energy company’s stock worth $16,839,000 after purchasing an additional 136,667 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ORA. JPMorgan Chase & Co. boosted their target price on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Wall Street Zen lowered Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. UBS Group raised their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Piper Sandler boosted 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. Finally, Barclays lowered their target price on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $130.83.

Ormat Technologies Trading Down 3.6%

Shares of ORA stock opened at $109.82 on Wednesday. Ormat Technologies, Inc. has a 52-week low of $89.08 and a 52-week high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The company has a 50-day simple moving average of $112.60 and a two-hundred day simple moving average of $116.98. The company has a market capitalization of $6.75 billion, a price-to-earnings ratio of 54.10, a PEG ratio of 4.55 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. Research analysts anticipate that Ormat Technologies, Inc. will post 2.52 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Insider Transactions at Ormat Technologies

In other news, Director Stanley Stern sold 250 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the sale, the director directly owned 5,800 shares in the company, valued at $802,836. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Granot sold 1,766 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the sale, the director directly owned 1,766 shares in the company, valued at approximately $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by insiders.

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.