Sequoia Financial Advisors LLC Makes New $358,000 Investment in Ormat Technologies, Inc. $ORA

Sequoia Financial Advisors LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 4,272 shares of the energy company’s stock, valued at approximately $358,000.

Several other large investors have also bought and sold shares of ORA. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Ormat Technologies by 273,109.4% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company’s stock valued at $67,673,000 after purchasing an additional 955,883 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Ormat Technologies by 7,951.9% during the first quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock valued at $46,726,000 after purchasing an additional 652,055 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Ormat Technologies by 19.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock valued at $133,770,000 after purchasing an additional 303,756 shares during the last quarter. Nuveen LLC purchased a new position in shares of Ormat Technologies during the first quarter valued at approximately $14,453,000. Finally, Roubaix Capital LLC purchased a new position in shares of Ormat Technologies during the first quarter valued at approximately $5,030,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on ORA. Robert W. Baird raised shares of Ormat Technologies from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $87.00 to $103.00 in a report on Wednesday, July 30th. Baird R W raised shares of Ormat Technologies from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 30th. Piper Sandler raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $90.00 to $102.00 in a report on Wednesday, September 17th. TD Cowen boosted their target price on shares of Ormat Technologies from $76.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, August 8th. Finally, Jefferies Financial Group boosted their target price on shares of Ormat Technologies from $97.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average price target of $99.30.

Ormat Technologies Price Performance

Shares of NYSE:ORA opened at $105.45 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The firm has a fifty day moving average price of $96.27 and a 200 day moving average price of $85.11. Ormat Technologies, Inc. has a fifty-two week low of $61.58 and a fifty-two week high of $111.08. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 49.05, a P/E/G ratio of 4.96 and a beta of 0.69.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.11. The firm had revenue of $234.02 million during the quarter, compared to analyst estimates of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. Ormat Technologies’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.37 earnings per share. As a group, sell-side analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is presently 22.33%.

Insider Activity at Ormat Technologies

In related news, Director Stanley Stern sold 400 shares of the company’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $95.98, for a total transaction of $38,392.00. Following the sale, the director owned 4,861 shares of the company’s stock, valued at $466,558.78. This represents a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Doron Blachar sold 14,994 shares of the company’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $94.71, for a total transaction of $1,420,081.74. Following the sale, the chief executive officer directly owned 35,419 shares in the company, valued at approximately $3,354,533.49. The trade was a 29.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,926 shares of company stock valued at $3,861,296 over the last quarter. 0.56% of the stock is currently owned by insiders.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.