Gitterman Wealth Management LLC Invests $202,000 in Ormat Technologies, Inc. $ORA

Key Points

• Gitterman Wealth Management LLC acquired a stake in Ormat Technologies, purchasing 2,855 shares valued at approximately $202,000.
• Several institutional investors, including Candriam S.C.A. and EntryPoint Capital LLC, significantly increased their investments in Ormat Technologies during the first quarter, indicating strong institutional interest.
• Ormat Technologies recently reported earnings of $0.48 per share, surpassing analyst estimates, and announced a quarterly dividend of $0.12 per share, reflecting a 0.5% yield.

Gitterman Wealth Management LLC bought a new position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,855 shares of the energy company's stock, valued at approximately $202,000.

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

Insider Buying and Selling

In related news, Director Dafna Sharir sold 1,601 shares of the company'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. This represents a 33.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michal Marom sold 895 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total value of $65,755.65. Following the completion of the sale, the director directly owned 3,080 shares of the company's stock, valued at approximately $226,287.60. This trade represents a 22.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,995 shares of company stock worth $1,090,249 over the last three months. Insiders own 0.56% of the company's stock.

Ormat Technologies Price Performance

ORA stock traded up $0.70 during midday trading on Wednesday, reaching $92.28. 180,938 shares of the stock were exchanged, compared to its average volume of 514,738. The stock has a market capitalization of $5.60 billion, a PE ratio of 42.92, a P/E/G ratio of 4.31 and a beta of 0.68. Ormat Technologies, Inc. has a 52 week low of $61.58 and a 52 week high of $95.36. The company has a fifty day moving average price of $88.13 and a 200 day moving average price of $77.25. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64.

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

Ormat Technologies Dividend Announcement

The firm 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, August 20th. Ormat Technologies's payout ratio is currently 22.33%.

Analysts Set New Price Targets

A number of brokerages have commented on ORA. Oppenheimer restated an "outperform" rating and set a $100.00 price objective on shares of Ormat Technologies in a research report on Friday, August 8th. Piper Sandler lifted their price target on Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 19th. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. TD Cowen boosted their price objective on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a research report on Friday, August 8th. Finally, Roth Capital reiterated a "buy" rating and issued a $98.00 price target (up from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.