Bayforest Capital Ltd Increases Position in Ormat Technologies, Inc. (NYSE:ORA)

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Ormat Technologies, purchasing an additional 6,490 shares and raising its position by 2,293.3% during the first quarter.
• Multiple institutional investors, including Harel Insurance Investments and Vanguard Group, have also made large investments in Ormat, collectively owning 95.49% of the stock.
• Ormat Technologies recently declared a quarterly dividend of $0.12, representing an annual yield of 0.54% and reflecting a payout ratio of 23.30%.

Bayforest Capital Ltd increased its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 2,293.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,773 shares of the energy company's stock after acquiring an additional 6,490 shares during the period. Bayforest Capital Ltd's holdings in Ormat Technologies were worth $479,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Stuart Chaussee & Associates Inc. bought a new stake in Ormat Technologies during the fourth quarter worth about $34,000. UMB Bank n.a. boosted its stake in Ormat Technologies by 42.6% during the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after acquiring an additional 263 shares in the last quarter. CWM LLC boosted its stake in Ormat Technologies by 294.2% during the first quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after acquiring an additional 662 shares in the last quarter. Signaturefd LLC boosted its stake in Ormat Technologies by 60.6% during the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock worth $63,000 after acquiring an additional 336 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Ormat Technologies during the fourth quarter worth about $66,000. Institutional investors own 95.49% of the company's stock.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Michal Marom sold 895 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $73.47, for a total transaction of $65,755.65. Following the completion of the sale, the director directly owned 3,080 shares of the company's stock, valued at approximately $226,287.60. This represents a 22.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Byron G. Wong sold 460 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $84.04, for a total transaction of $38,658.40. Following the sale, the director directly owned 8,659 shares of the company's stock, valued at approximately $727,702.36. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,329 shares of company stock valued at $423,443 in the last quarter. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

ORA has been the topic of several analyst reports. JPMorgan Chase & Co. upped their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $87.00 to $103.00 in a research note on Wednesday. Wall Street Zen upgraded shares of Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. UBS Group upped their target price on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Baird R W upgraded shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Ormat Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $91.25.

Ormat Technologies Stock Performance

Shares of ORA traded down $0.70 during mid-day trading on Friday, hitting $88.71. 442,446 shares of the company traded hands, compared to its average volume of 506,466. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97. The stock has a 50-day moving average price of $83.19 and a two-hundred day moving average price of $74.09. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $91.81. The stock has a market cap of $5.38 billion, a price-to-earnings ratio of 43.06, a P/E/G ratio of 4.31 and a beta of 0.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. The firm had revenue of $229.76 million during the quarter, compared to analysts' expectations of $228.33 million. During the same period in the previous year, the company earned $0.64 earnings per share. The firm's quarterly revenue was up 2.5% on a year-over-year basis. Equities analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, May 21st. Ormat Technologies's dividend payout ratio is currently 23.30%.

Ormat Technologies 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.