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

Ormat Technologies logo with Energy background

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.
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Gitterman Wealth Management LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,855 shares of the energy company's stock, valued at approximately $202,000.

Several other hedge funds also recently bought and sold shares of the company. Candriam S.C.A. raised its holdings in Ormat Technologies by 48.3% in the first quarter. Candriam S.C.A. now owns 150,845 shares of the energy company's stock worth $10,675,000 after purchasing an additional 49,098 shares during the period. EntryPoint Capital LLC acquired a new stake in Ormat Technologies in the first quarter worth $208,000. Quantbot Technologies LP acquired a new stake in Ormat Technologies in the first quarter worth $4,116,000. Corient IA LLC acquired a new stake in shares of Ormat Technologies during the first quarter worth $283,000. Finally, Roubaix Capital LLC acquired a new stake in shares of Ormat Technologies during the first quarter worth $5,030,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Ormat Technologies

In related news, Director Dafna Sharir sold 1,601 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the transaction, the director owned 3,238 shares of the company's stock, valued at approximately $277,269.94. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stanley Stern sold 547 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.54, for a total transaction of $46,790.38. Following the completion of the transaction, the director directly owned 6,137 shares of the company's stock, valued at approximately $524,958.98. This trade represents a 8.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,038 shares of company stock worth $337,192 in the last three months. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. TD Cowen raised their price objective on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a report on Friday, August 8th. Roth Capital restated a "buy" rating and set a $98.00 price objective (up from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Oppenheimer restated an "outperform" rating and set a $100.00 price objective on shares of Ormat Technologies in a report on Friday, August 8th. Finally, UBS Group raised their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One equities research 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $93.30.

Get Our Latest Stock Analysis on Ormat Technologies

Ormat Technologies Stock Up 2.5%

Ormat Technologies stock traded up $2.2990 during mid-day trading on Friday, reaching $94.8990. The company's stock had a trading volume of 584,692 shares, compared to its average volume of 560,977. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 44.14, a price-to-earnings-growth ratio of 4.41 and a beta of 0.68. Ormat Technologies, Inc. has a 12 month low of $61.58 and a 12 month high of $95.37. The business's 50 day simple moving average is $87.65 and its 200 day simple moving average is $76.95. 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 (NYSE:ORA - Get Free Report) last released 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. The business had revenue of $234.02 million during the quarter, compared to the consensus estimate of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.37 earnings per share. As a group, research analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Ormat Technologies Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Ormat Technologies (NYSE:ORA)

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