Hsbc Holdings PLC Reduces Holdings in Ormat Technologies, Inc. $ORA

Key Points

• Hsbc Holdings PLC has reduced its stake in Ormat Technologies, Inc. by 60.6%, resulting in ownership of 13,460 shares, valued at approximately $952,000.
• A significant majority, 95.49% of Ormat Technologies' stock is currently held by institutional investors, indicating strong institutional interest in the company.
• Analysts have set various price targets for Ormat Technologies, with a consensus average target of $93.30 following recent upgrades from multiple firms.

Hsbc Holdings PLC reduced its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 60.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 13,460 shares of the energy company's stock after selling 20,681 shares during the period. Hsbc Holdings PLC's holdings in Ormat Technologies were worth $952,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Teacher Retirement System of Texas purchased a new stake in Ormat Technologies in the first quarter worth $593,000. Empower Advisory Group LLC grew its holdings in shares of Ormat Technologies by 6.5% in the first quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company's stock worth $15,239,000 after purchasing an additional 13,061 shares during the last quarter. Bayforest Capital Ltd increased its stake in Ormat Technologies by 2,293.3% in the 1st quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock worth $479,000 after buying an additional 6,490 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock worth $67,673,000 after buying an additional 955,883 shares during the period. Finally, GAMMA Investing LLC boosted its position in Ormat Technologies by 4,485.0% in the 1st quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company's stock valued at $2,820,000 after buying an additional 38,975 shares during the period. Hedge funds and other institutional investors own 95.49% of the company's stock.

Insider Activity

In other news, insider Jessica Woelfel sold 692 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $94.57, for a total transaction of $65,442.44. Following the transaction, the insider directly owned 5,234 shares of the company's stock, valued at approximately $494,979.38. This represents a 11.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dafna Sharir sold 1,601 shares of the 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 sale, the director 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 disclosure for this sale can be found here. Insiders have sold a total of 11,976 shares of company stock worth $1,105,067 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ORA has been the topic of a number of research reports. UBS Group raised their target price on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Piper Sandler lifted their target price on Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, August 19th. Oppenheimer reissued an "outperform" rating and set a $100.00 price target on shares of Ormat Technologies in a research report on Friday, August 8th. Finally, Barclays decreased their price objective on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a report on Friday, August 8th. One 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $93.30.

Ormat Technologies Stock Up 0.6%

Shares of ORA traded up $0.50 during trading hours on Thursday, hitting $91.67. The company had a trading volume of 395,782 shares, compared to its average volume of 552,287. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $5.57 billion, a PE ratio of 42.64, a price-to-earnings-growth ratio of 4.24 and a beta of 0.69. Ormat Technologies, Inc. has a one year low of $61.58 and a one year high of $95.36. The company's fifty day moving average price is $89.03 and its two-hundred day moving average price is $78.53.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data 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 return on equity of 5.47% and a net margin of 14.49%.The company had revenue of $234.02 million for the quarter, compared to the consensus estimate of $225.26 million. During the same quarter last year, the company earned $0.37 earnings per share. The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, equities analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were given a $0.12 dividend. The ex-dividend date of this dividend 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 presently 22.33%.

Ormat Technologies Profile

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.