BI Asset Management Fondsmaeglerselskab A S Decreases Stake in Ormat Technologies, Inc. $ORA

Key Points

• BI Asset Management Fondsmaeglerselskab A S sold 6,020 shares of Ormat Technologies, reducing its holdings by 88.7% to just 768 shares, valued at $54,000.
• Ormat Technologies reported earnings of $0.48 EPS for the quarter, surpassing analyst expectations by $0.11, with revenue growth of 9.9% year-over-year.
• The company also announced a quarterly dividend of $0.12 per share, with a dividend yield of 0.5%, payable on September 3rd.

BI Asset Management Fondsmaeglerselskab A S trimmed its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 88.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 768 shares of the energy company's stock after selling 6,020 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Ormat Technologies were worth $54,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently modified their holdings of ORA. Raymond James Financial Inc. purchased a new stake in shares of Ormat Technologies in the fourth quarter valued at approximately $204,000. Dimensional Fund Advisors LP lifted its holdings in shares of Ormat Technologies by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,479 shares of the energy company's stock worth $107,440,000 after buying an additional 93,418 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Ormat Technologies by 189.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,120 shares of the energy company's stock worth $482,000 after buying an additional 4,660 shares during the period. Stifel Financial Corp purchased a new stake in shares of Ormat Technologies in the 4th quarter worth $389,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of Ormat Technologies by 342.7% in the 4th quarter. Hsbc Holdings PLC now owns 34,141 shares of the energy company's stock worth $2,313,000 after buying an additional 26,429 shares during the period. Hedge funds and other institutional investors own 95.49% of the company's stock.

Ormat Technologies Stock Down 1.2%

Shares of NYSE ORA traded down $1.11 during mid-day trading on Friday, reaching $91.86. 737,659 shares of the company were exchanged, compared to its average volume of 601,914. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 42.73, a P/E/G ratio of 4.27 and a beta of 0.69. The firm has a 50-day moving average of $88.60 and a 200 day moving average of $77.96. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $95.36. 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 (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 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 analyst estimates of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.37 earnings per share. On average, research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Dividend Announcement

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

Insider Buying and Selling

In other news, Director Dafna Sharir sold 1,601 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total transaction of $137,093.63. Following the completion of the sale, the director owned 3,238 shares in the company, valued at approximately $277,269.94. This represents a 33.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Byron G. Wong sold 535 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $91.39, for a total value of $48,893.65. Following the completion of the sale, the director owned 8,659 shares of the company's stock, valued at approximately $791,346.01. This trade represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,976 shares of company stock valued at $1,105,067 over the last quarter. Insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

ORA has been the subject of a number of research reports. Baird R W raised shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Cowen reaffirmed a "hold" rating on shares of Ormat Technologies in a research note on Friday, August 8th. TD Cowen upped their price target on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Piper Sandler upped their price target on shares of Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $93.30.

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.