Guinness Asset Management LTD Lowers Stock Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Guinness Asset Management cut its Ormat Technologies stake by 19.4% in Q4, selling 25,900 shares and leaving it with 107,449 shares worth about $12.1 million.
• Several analysts remain upbeat on ORA, with recent price target increases from firms like UBS Group and Piper Sandler; the stock now carries a Moderate Buy consensus and an average target price of $133.18.
• Ormat reported strong quarterly results, with EPS of $1.30 beating estimates and revenue rising 75.8% year over year to $403.9 million, while the company also announced a quarterly dividend of $0.12 per share.

Guinness Asset Management LTD lowered its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 19.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,449 shares of the energy company's stock after selling 25,900 shares during the period. Guinness Asset Management LTD owned 0.18% of Ormat Technologies worth $12,101,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. AQR Capital Management LLC increased its stake in Ormat Technologies by 324.1% during the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock worth $1,740,000 after acquiring an additional 19,043 shares during the last quarter. United Services Automobile Association acquired a new stake in Ormat Technologies during the first quarter worth about $243,000. Empowered Funds LLC increased its stake in Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock worth $297,000 after acquiring an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock worth $16,593,000 after acquiring an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in Ormat Technologies by 10.5% during the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock worth $1,740,000 after acquiring an additional 2,329 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ORA. UBS Group upped their price target on Ormat Technologies from $143.00 to $152.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Robert W. Baird dropped their price target on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, February 27th. TD Cowen dropped their price target on Ormat Technologies from $131.00 to $125.00 and set a "buy" rating for the company in a research note on Friday, February 27th. Royal Bank Of Canada began coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price target for the company. Finally, Piper Sandler upped their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research note on Monday. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $133.18.

Insider Activity at Ormat Technologies

In related news, Director Michal Marom sold 3,080 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the sale, the director owned 1,766 shares of the company's stock, valued at approximately $231,293.02. This trade represents a 63.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Byron G. Wong sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the sale, the director directly owned 5,925 shares in the company, valued at approximately $795,846. This trade represents a 43.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,699 shares of company stock worth $4,410,013 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Ormat Technologies Trading Down 0.5%

NYSE:ORA opened at $133.28 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. Ormat Technologies, Inc. has a one year low of $70.60 and a one year high of $138.51. The business's 50-day simple moving average is $115.98 and its 200 day simple moving average is $115.26. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 64.70, a price-to-earnings-growth ratio of 5.71 and a beta of 0.80.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. During the same period in the previous year, the business earned $0.68 EPS. Ormat Technologies's revenue for the quarter was up 75.8% compared to the same quarter last year. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies's dividend payout ratio (DPR) is currently 23.30%.

About Ormat Technologies

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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