KLP Kapitalforvaltning AS Sells 9,100 Shares of Ormat Technologies, Inc. $ORA

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Ormat by 11% in Q4, selling 9,100 shares and finishing the period with 73,900 shares worth about $8.16 million (≈0.12% of the company).
• Insider Jessica Woelfel sold 2,359 shares on March 3 at an average $105.16 (a 40.73% reduction in her position), and insiders have sold 3,364 shares totaling $353,621 over the past three months.
• Ormat reported Q results of $0.67 EPS (in line) and $276.0M revenue (a beat, +19.6% YoY), and analysts maintain a consensus "Moderate Buy" with an average target price of $128.64.

KLP Kapitalforvaltning AS reduced its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 11.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,900 shares of the energy company's stock after selling 9,100 shares during the quarter. KLP Kapitalforvaltning AS owned approximately 0.12% of Ormat Technologies worth $8,164,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ORA. Wolff Wiese Magana LLC bought a new position in shares of Ormat Technologies during the 4th quarter worth approximately $33,000. Jones Financial Companies Lllp grew its stake in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company's stock worth $35,000 after acquiring an additional 113 shares in the last quarter. Ameriflex Group Inc. grew its stake in shares of Ormat Technologies by 1,100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 360 shares of the energy company's stock worth $35,000 after acquiring an additional 330 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Ormat Technologies by 251.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company's stock worth $44,000 after acquiring an additional 374 shares in the last quarter. Finally, USA Financial Formulas bought a new position in shares of Ormat Technologies during the 4th quarter worth approximately $51,000. 95.49% of the stock is owned by institutional investors.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 2,359 shares of the firm's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the sale, the insider owned 3,433 shares of the company's stock, valued at $361,014.28. This trade represents a 40.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 3,364 shares of company stock worth $353,621. Company insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ORA. UBS Group decreased their price target on shares of Ormat Technologies from $148.00 to $143.00 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a research note on Tuesday. Citigroup raised their target price on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a research note on Wednesday, February 18th. Robert W. Baird cut their price target on shares of Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, February 27th. Finally, Royal Bank Of Canada started coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $128.64.

Ormat Technologies Stock Down 0.2%

Shares of ORA stock opened at $113.41 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81. The firm's 50-day moving average is $111.74 and its 200-day moving average is $113.01. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 56.42, a PEG ratio of 4.98 and a beta of 0.80. Ormat Technologies, Inc. has a 52-week low of $70.42 and a 52-week high of $132.58.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.67. The company had revenue of $276.04 million for the quarter, compared to analysts' expectations of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. Ormat Technologies's quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. Sell-side analysts predict that Ormat Technologies, Inc. will post 2.28 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies's dividend payout ratio (DPR) is currently 23.88%.

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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