Arrowstreet Capital Limited Partnership Buys 136,667 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Arrowstreet Capital increased its Ormat Technologies stake by 979.5%, purchasing 136,667 additional shares to own 150,620 shares worth approximately $16.8 million. Institutional investors collectively own 95.49% of the company.
• Ormat reported strong quarterly results, with EPS of $1.30 versus the $0.92 consensus and revenue of $403.91 million, up 75.8% year over year and ahead of estimates.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $131.75; the company also pays a quarterly dividend of $0.12, yielding about 0.5%.

Arrowstreet Capital Limited Partnership raised its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 979.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150,620 shares of the energy company's stock after buying an additional 136,667 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.25% of Ormat Technologies worth $16,839,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ORA. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies in the 4th quarter valued at $26,000. Main Street Group LTD purchased a new position in shares of Ormat Technologies during the 1st quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Ormat Technologies in the fourth quarter worth $31,000. Smartleaf Asset Management LLC increased its holdings in shares of Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company's stock worth $33,000 after purchasing an additional 211 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Ormat Technologies in the fourth quarter worth $32,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $96.78 on Friday. Ormat Technologies, Inc. has a 52-week low of $84.13 and a 52-week high of $146.39. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 46.98, a price-to-earnings-growth ratio of 4.02 and a beta of 0.88. The company has a fifty day moving average of $120.67 and a 200-day moving average of $118.21. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. During the same quarter last year, the company earned $0.68 EPS. The firm's revenue was up 75.8% compared to the same quarter last year. Equities research analysts expect that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were given a $0.12 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies's payout ratio is presently 23.30%.

Insider Transactions at Ormat Technologies

In related news, Director Byron G. Wong sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the completion of the transaction, the director owned 5,925 shares in the company, valued at $795,846. This represents a 43.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Granot sold 1,766 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, the director directly owned 1,766 shares of the company's stock, valued at $237,403.38. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,585 shares of company stock valued at $4,090,998. Insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Oppenheimer reissued an "outperform" rating and set a $144.00 price objective on shares of Ormat Technologies in a research note on Friday, May 8th. Piper Sandler raised their price target on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Barclays lifted their price target on Ormat Technologies from $126.00 to $127.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Finally, Wolfe Research started coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They issued a "peer perform" rating on the stock. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $131.75.

Ormat Technologies Profile

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.

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