4,000 Shares in Ormat Technologies, Inc. $ORA Bought by Corient IA LLC

Key Points

• Corient IA LLC has acquired a new stake in Ormat Technologies, purchasing 4,000 shares valued at approximately $283,000 in the first quarter.
• Ormat Technologies reported a quarterly earnings per share of $0.48, exceeding analyst expectations of $0.37, along with a year-over-year revenue increase of 9.9%.
• The company declared a quarterly dividend of $0.12 per share, with an upcoming ex-dividend date of August 20th, reflecting a dividend yield of 0.5%.

Corient IA LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,000 shares of the energy company's stock, valued at approximately $283,000.

Other hedge funds have also modified their holdings of the company. Louisiana State Employees Retirement System increased its stake in shares of Ormat Technologies by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company's stock worth $1,139,000 after buying an additional 200 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Ormat Technologies by 6.3% in the first quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company's stock worth $261,000 after purchasing an additional 220 shares during the period. Russell Investments Group Ltd. increased 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 purchasing an additional 252 shares during the period. UMB Bank n.a. increased 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 purchasing an additional 263 shares during the period. Finally, Perigon Wealth Management LLC lifted its holdings in Ormat Technologies by 8.8% in the 1st quarter. Perigon Wealth Management LLC now owns 3,440 shares of the energy company's stock valued at $243,000 after acquiring an additional 278 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Stock Up 2.5%

NYSE ORA traded up $2.2990 during trading on Friday, hitting $94.8990. The stock had a trading volume of 579,846 shares, compared to its average volume of 513,542. The company has a market capitalization of $5.76 billion, a PE ratio of 44.14, a P/E/G ratio of 4.29 and a beta of 0.68. The company's 50-day moving average price is $87.33 and its two-hundred day moving average price is $76.55. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. Ormat Technologies, Inc. has a 12 month low of $61.58 and a 12 month high of $95.37.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its 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. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. During the same quarter in the previous year, the business posted $0.37 EPS. The business's quarterly revenue was up 9.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed 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 is Wednesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies's dividend payout ratio is currently 22.33%.

Insiders Place Their Bets

In related news, Director Michal Marom sold 895 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total transaction of $65,755.65. Following the transaction, the director directly owned 3,080 shares of the company's stock, valued at approximately $226,287.60. The trade was a 22.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Byron G. Wong sold 535 shares of the company's stock in a transaction on 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 transaction, the director directly owned 8,659 shares in the company, valued at approximately $791,346.01. This represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,038 shares of company stock valued at $337,192 over the last 90 days. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on ORA. Barclays reduced their price objective on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Cowen restated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. UBS Group increased their price objective on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, TD Cowen raised their target price on Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $93.30.

About Ormat Technologies

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.