Vident Advisory LLC Acquires New Shares in Ormat Technologies, Inc. $ORA

Key Points

• Vident Advisory LLC acquired 3,212 shares of Ormat Technologies, valued at approximately $227,000, marking their entry into the energy sector.
• Multiple institutional investors, including the Canada Pension Plan Investment Board, significantly increased their stakes in Ormat Technologies during the first quarter, indicating strong institutional interest.
• Ormat Technologies recently declared a $0.12 quarterly dividend with an annual yield of 0.5%, and the company has reported better-than-expected earnings for the past quarter.

Vident Advisory LLC acquired a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,212 shares of the energy company's stock, valued at approximately $227,000.

A number of other hedge funds have also recently added to or reduced their stakes in ORA. Raymond James Financial Inc. acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $204,000. Stifel Financial Corp acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $389,000. Ameriprise Financial Inc. grew its stake in Ormat Technologies by 2.8% in the fourth quarter. Ameriprise Financial Inc. now owns 53,105 shares of the energy company's stock valued at $3,596,000 after acquiring an additional 1,434 shares during the period. Ethic Inc. boosted its position in shares of Ormat Technologies by 16.6% during the fourth quarter. Ethic Inc. now owns 7,350 shares of the energy company's stock valued at $498,000 after buying an additional 1,048 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $372,000. Institutional investors and hedge funds own 95.49% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ORA. Piper Sandler lifted their target price on Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, August 19th. Roth Capital reaffirmed a "buy" rating and set a $98.00 target price (up previously from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. UBS Group lifted their target price on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. One research 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 company's stock. According to data from MarketBeat, Ormat Technologies currently has an average rating of "Moderate Buy" and an average target price of $93.30.

Ormat Technologies Stock Performance

ORA stock traded down $0.48 during midday trading on Friday, hitting $91.44. The company's stock had a trading volume of 250,438 shares, compared to its average volume of 518,278. The stock's 50-day moving average price is $89.70 and its 200 day moving average price is $79.49. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $95.36. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 42.53, a PEG ratio of 4.28 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.11. The business had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business's revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. On average, equities analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Wednesday, August 20th were paid a $0.12 dividend. The ex-dividend date was Wednesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies's payout ratio is presently 22.33%.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director Dafna Sharir sold 1,601 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the sale, the director directly owned 3,238 shares in the company, valued at $277,269.94. The trade was a 33.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Assi Ginzburg sold 7,066 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $94.71, for a total value of $669,220.86. Following the completion of the sale, the chief financial officer owned 33,825 shares in the company, valued at approximately $3,203,565.75. The trade was a 17.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,976 shares of company stock valued at $1,105,067. 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.