BI Asset Management Fondsmaeglerselskab A S Sells 6,020 Shares of 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 lessened its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 88.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 768 shares of the energy company's stock after selling 6,020 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Ormat Technologies were worth $54,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ORA. Stuart Chaussee & Associates Inc. bought a new stake in shares of Ormat Technologies during the 4th quarter valued at about $34,000. UMB Bank n.a. boosted its position in shares of Ormat Technologies by 42.6% during the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock valued at $62,000 after acquiring an additional 263 shares during the last quarter. Signaturefd LLC boosted its position in shares of Ormat Technologies by 60.6% during the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after acquiring an additional 336 shares during the last quarter. CWM LLC boosted its position in shares of Ormat Technologies by 294.2% during the 1st quarter. CWM LLC now owns 887 shares of the energy company's stock valued at $63,000 after acquiring an additional 662 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Ormat Technologies by 30.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock valued at $76,000 after acquiring an additional 252 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $92.6740 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The business's 50 day simple moving average is $87.90 and its two-hundred day simple moving average is $77.15. The stock has a market capitalization of $5.63 billion, a P/E ratio of 43.10, a price-to-earnings-growth ratio of 4.41 and a beta of 0.68. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $95.36.

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

Ormat Technologies Announces Dividend

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

Insider Activity

In other news, Director Dafna Sharir sold 1,601 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 3,238 shares of the company's stock, valued at approximately $277,269.94. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stanley Stern sold 547 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.54, for a total value of $46,790.38. Following the transaction, the director directly owned 6,137 shares in the company, valued at $524,958.98. This trade represents a 8.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,995 shares of company stock valued at $1,090,249. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Piper Sandler raised their price objective on Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, August 19th. UBS Group raised their price objective on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Robert W. Baird raised Ormat Technologies from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $87.00 to $103.00 in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Oppenheimer reissued an "outperform" rating and set a $100.00 price objective on shares of Ormat Technologies in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.

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