Flputnam Investment Management Co. Invests $341,000 in Ormat Technologies, Inc. $ORA

Key Points

• Flputnam Investment Management Co. has acquired a new stake in Ormat Technologies, purchasing 4,815 shares for approximately $341,000 during the first quarter.
• Analysts have recently upgraded Ormat Technologies' ratings, with Baird R W moving it from "hold" to "strong-buy," and various price objectives ranging from $85.00 to $100.00 set by multiple firms.
• Ormat Technologies reported a 9.9% increase in revenue year-over-year for the quarter ending August 6th, with an earnings per share of $0.48, surpassing estimates of $0.37.

Flputnam Investment Management Co. purchased a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,815 shares of the energy company's stock, valued at approximately $341,000.

A number of other hedge funds have also recently modified their holdings of ORA. Raymond James Financial Inc. purchased a new position in Ormat Technologies in the fourth quarter worth $204,000. Stifel Financial Corp purchased a new stake in Ormat Technologies during the 4th quarter worth $389,000. Northern Trust Corp increased its stake in shares of Ormat Technologies by 11.7% in the fourth quarter. Northern Trust Corp now owns 858,674 shares of the energy company's stock valued at $58,149,000 after purchasing an additional 90,100 shares during the period. Ameriprise Financial Inc. raised its stake in Ormat Technologies by 2.8% during the 4th quarter. Ameriprise Financial Inc. now owns 53,105 shares of the energy company's stock valued at $3,596,000 after purchasing an additional 1,434 shares during the period. Finally, Crestline Management LP raised its stake in Ormat Technologies by 54.6% during the 4th quarter. Crestline Management LP now owns 6,484 shares of the energy company's stock valued at $439,000 after purchasing an additional 2,290 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ORA. JPMorgan Chase & Co. raised their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Oppenheimer restated an "outperform" rating and issued a $100.00 price objective on shares of Ormat Technologies in a research note on Friday, August 8th. 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. Piper Sandler boosted their target price on Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, August 19th. Finally, TD Cowen increased their target price on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $93.30.

Ormat Technologies Trading Down 0.7%

Ormat Technologies stock traded down $0.64 during trading hours on Monday, reaching $90.46. 204,794 shares of the company's stock were exchanged, compared to its average volume of 514,797. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $5.49 billion, a PE ratio of 42.04, a PEG ratio of 4.24 and a beta of 0.69. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $95.36. The firm's 50 day simple moving average is $89.17 and its 200 day simple moving average is $78.86.

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

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies's payout ratio is 22.33%.

Insider Activity

In other Ormat Technologies news, CFO Assi Ginzburg sold 7,066 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $94.71, for a total transaction of $669,220.86. Following the sale, the chief financial officer directly owned 33,825 shares of the company's stock, valued at $3,203,565.75. The trade was a 17.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jessica Woelfel sold 692 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.57, for a total transaction of $65,442.44. Following the transaction, the insider owned 5,234 shares of the company's stock, valued at approximately $494,979.38. This represents a 11.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,976 shares of company stock worth $1,105,067 over the last ninety days. Insiders own 0.56% of the company's stock.

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.