Assi Ginzburg Sells 7,066 Shares of Ormat Technologies (NYSE:ORA) Stock

Key Points

• Assi Ginzburg, CFO of Ormat Technologies, sold 7,066 shares at an average price of $94.71, totaling approximately $669,220.86, reducing his ownership by 17.28%.
• Ormat Technologies reported $0.48 earnings per share (EPS) for the last quarter, exceeding the consensus estimate of $0.37, with a year-over-year revenue increase of 9.9%.
• The company declared a quarterly dividend of $0.12 per share, resulting in an annual yield of 0.5%, with the ex-dividend date on August 20th.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) CFO Assi Ginzburg sold 7,066 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $94.71, for a total transaction of $669,220.86. Following the completion of the sale, the chief financial officer owned 33,825 shares of the company's stock, valued at $3,203,565.75. This trade represents a 17.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Ormat Technologies Stock Performance

NYSE:ORA traded down $2.1760 during mid-day trading on Monday, hitting $92.6740. The stock had a trading volume of 541,548 shares, compared to its average volume of 560,977. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $95.36. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of 43.10, a PEG ratio of 4.41 and a beta of 0.68. The company's 50 day simple moving average is $87.90 and its 200 day simple moving average is $77.15. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.11. The business had revenue of $234.02 million during the quarter, compared to the consensus estimate 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 was up 9.9% on a year-over-year basis. During the same period last year, the business posted $0.37 EPS. On average, equities research analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 20th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies's dividend payout ratio (DPR) is 22.33%.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its stake in shares of Ormat Technologies by 247.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,180 shares of the energy company's stock worth $685,000 after buying an additional 5,829 shares during the last quarter. Firsthand Capital Management Inc. bought a new stake in shares of Ormat Technologies during the second quarter worth $168,000. State of Tennessee Department of Treasury grew its stake in shares of Ormat Technologies by 168.0% in the second quarter. State of Tennessee Department of Treasury now owns 28,244 shares of the energy company's stock worth $2,366,000 after purchasing an additional 17,705 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Ormat Technologies by 14.7% in the second quarter. Vident Advisory LLC now owns 3,684 shares of the energy company's stock worth $309,000 after purchasing an additional 472 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in shares of Ormat Technologies by 46.3% in the second quarter. Tidal Investments LLC now owns 49,110 shares of the energy company's stock worth $4,113,000 after purchasing an additional 15,546 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Analyst Ratings Changes

ORA has been the subject of several research reports. Barclays cut their price objective on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Roth Capital reiterated a "buy" rating and issued a $98.00 price target (up from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $87.00 to $103.00 in a research report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, TD Cowen lifted their price target 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. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.30.

Ormat Technologies Company Profile

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.

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