Assenagon Asset Management S.A. Buys 9,139 Shares of Ormat Technologies, Inc. $ORA

Key Points

• Assenagon Asset Management increased its stake in Ormat Technologies by 30.9% in the first quarter, buying 9,139 additional shares to bring its total holding to 38,757 shares worth about $4.34 million.
• Analyst sentiment remains mostly positive, with several firms raising price targets; the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.67.
• Ormat posted strong quarterly results, reporting EPS of $1.30 versus estimates of $0.92 and revenue of $403.91 million, while the company also paid a quarterly dividend of $0.12 per share.

Assenagon Asset Management S.A. grew its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 30.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,757 shares of the energy company's stock after purchasing an additional 9,139 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Ormat Technologies worth $4,338,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ORA. Evexia Wealth LLC raised its position in shares of Ormat Technologies by 2.8% during the first quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock valued at $610,000 after buying an additional 149 shares during the last quarter. Hsbc Holdings PLC grew its position in Ormat Technologies by 459.1% during the fourth quarter. Hsbc Holdings PLC now owns 46,763 shares of the energy company's stock worth $5,171,000 after buying an additional 38,399 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in Ormat Technologies by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 31,152 shares of the energy company's stock valued at $3,441,000 after acquiring an additional 633 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies during the fourth quarter valued at about $31,000. Finally, Compound Planning Inc. acquired a new position in Ormat Technologies in the 4th quarter valued at approximately $650,000. Institutional investors own 95.49% of the company's stock.

Analyst Upgrades and Downgrades

ORA has been the topic of several recent research reports. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. Roth Mkm reaffirmed a "buy" rating and issued a $135.00 target price on shares of Ormat Technologies in a research report on Monday, May 11th. Wolfe Research initiated coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a "peer perform" rating on the stock. Oppenheimer restated an "outperform" rating and issued a $144.00 price objective on shares of Ormat Technologies in a research note on Friday, May 8th. Finally, UBS Group raised their price objective on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $131.67.

Insider Activity at Ormat Technologies

In other news, Director Stanley Stern sold 250 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total transaction of $34,605.00. Following the transaction, the director owned 5,800 shares of the company's stock, valued at $802,836. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the sale, the director owned 1,766 shares of the company's stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,585 shares of company stock valued at $4,090,998 over the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Stock Performance

NYSE:ORA opened at $110.15 on Tuesday. The stock has a market capitalization of $6.77 billion, a P/E ratio of 53.47, a price-to-earnings-growth ratio of 4.95 and a beta of 0.85. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 1 year low of $82.33 and a 1 year high of $146.39. The firm has a 50 day moving average of $127.28 and a 200-day moving average of $119.34.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.38. The firm had revenue of $403.91 million during the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business's revenue was up 75.8% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. As a group, sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies's dividend payout ratio (DPR) is currently 23.30%.

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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