Dorsey Wright & Associates Acquires New Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Dorsey Wright & Associates initiated a new position in Ormat Technologies during the first quarter, buying 36,476 shares worth about $4.08 million.
• Analyst sentiment remains mixed but overall constructive, with a consensus rating of Moderate Buy and an average target price of $131.75. Recent calls included bullish ratings from Oppenheimer, Barclays, and UBS, while Bernstein initiated coverage with an underperform rating.
• Ormat reported stronger-than-expected quarterly results, posting $1.30 EPS versus the $0.92 estimate and revenue of $403.91 million, up 75.8% year over year. The company also paid a quarterly dividend of $0.12 per share.

Dorsey Wright & Associates purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 36,476 shares of the energy company's stock, valued at approximately $4,082,000. Dorsey Wright & Associates owned 0.06% of Ormat Technologies as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Signaturefd LLC boosted its position in shares of Ormat Technologies by 13.0% during the fourth quarter. Signaturefd LLC now owns 746 shares of the energy company's stock worth $82,000 after buying an additional 86 shares during the period. Quadrant Capital Group LLC raised its position in Ormat Technologies by 9.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company's stock valued at $127,000 after buying an additional 99 shares during the last quarter. State of Wyoming lifted its stake in Ormat Technologies by 6.7% in the 4th quarter. State of Wyoming now owns 2,091 shares of the energy company's stock valued at $231,000 after acquiring an additional 131 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Ormat Technologies by 7.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company's stock valued at $239,000 after acquiring an additional 144 shares in the last quarter. Finally, Evexia Wealth LLC boosted its position in Ormat Technologies by 2.8% during the 1st quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock worth $610,000 after acquiring an additional 149 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ORA shares. Oppenheimer reaffirmed an "outperform" rating and issued a $144.00 target price on shares of Ormat Technologies in a research report on Friday, May 8th. Sanford C. Bernstein initiated coverage on shares of Ormat Technologies in a research report on Tuesday, June 16th. They set an "underperform" rating and a $115.00 price target on the stock. Wolfe Research began coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a "peer perform" rating for the company. Barclays raised their price objective on Ormat Technologies from $126.00 to $127.00 and gave the company an "overweight" rating in a report on Thursday. Finally, UBS Group lifted their target price on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Ormat Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $131.75.

Ormat Technologies Stock Performance

Shares of ORA opened at $104.75 on Friday. The firm has a 50-day moving average of $126.03 and a 200-day moving average of $118.99. Ormat Technologies, Inc. has a one year low of $84.13 and a one year high of $146.39. The company has a market cap of $6.44 billion, a PE ratio of 50.85, a price-to-earnings-growth ratio of 4.47 and a beta of 0.88. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million for the quarter, compared to analyst estimates 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 for the quarter was up 75.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 earnings per share. As a group, equities analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, May 20th. Ormat Technologies's payout ratio is 23.30%.

Insider Buying and Selling at Ormat Technologies

In related news, Director David Granot sold 1,766 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the transaction, the director owned 1,766 shares in the company, valued at approximately $237,403.38. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stanley Stern sold 250 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the transaction, the director owned 5,800 shares in the company, valued at $802,836. The trade was a 4.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,585 shares of company stock valued at $4,090,998 over the last ninety days. 0.56% of the stock is owned by corporate insiders.

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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