Leonteq Securities AG Takes Position in Ormat Technologies, Inc. $ORA

Key Points

• Leonteq Securities AG initiated a new position in Ormat Technologies, buying 13,285 shares worth about $1.47 million in the fourth quarter.
• Ormat Technologies reported strong quarterly results, with EPS of $1.30 versus $0.92 expected and revenue of $403.91 million, up 75.8% year over year.
• The company declared a quarterly dividend of $0.12 per share, while analysts currently rate the stock a Moderate Buy with an average price target of $133.18.

Leonteq Securities AG acquired a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 13,285 shares of the energy company's stock, valued at approximately $1,468,000.

Several other hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in shares of Ormat Technologies by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company's stock valued at $179,651,000 after acquiring an additional 22,748 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after acquiring an additional 413,384 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Ormat Technologies by 155.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock valued at $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Ormat Technologies by 1.9% in the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company's stock valued at $72,296,000 after acquiring an additional 14,069 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Ormat Technologies by 2.7% in the 3rd quarter. Legal & General Group Plc now owns 605,478 shares of the energy company's stock valued at $58,277,000 after acquiring an additional 15,833 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Trading Up 1.5%

Ormat Technologies stock opened at $133.73 on Friday. Ormat Technologies, Inc. has a 52 week low of $70.42 and a 52 week high of $138.51. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market capitalization of $8.22 billion, a P/E ratio of 64.92, a PEG ratio of 5.62 and a beta of 0.80. The stock has a 50-day simple moving average of $115.48 and a 200 day simple moving average of $115.13.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million during the quarter, compared to analysts' expectations of $349.17 million. During the same quarter last year, the company posted $0.68 earnings per share. Ormat Technologies's quarterly revenue was up 75.8% on a year-over-year basis. Analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ORA. Oppenheimer restated an "outperform" rating and issued a $144.00 price objective on shares of Ormat Technologies in a report on Friday, May 8th. Robert W. Baird decreased their price objective on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, February 27th. JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Piper Sandler lifted their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Royal Bank Of Canada started coverage on Ormat Technologies in a report on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Ormat Technologies has a consensus rating of "Moderate Buy" and an average price target of $133.18.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total transaction of $604,440.00. Following the completion of the sale, the director directly owned 5,925 shares in the company, valued at $795,846. This trade represents a 43.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Assi Ginzburg sold 17,776 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the sale, the chief financial officer owned 1,970 shares of the company's stock, valued at $265,457.50. This trade represents a 90.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,699 shares of company stock valued at $4,410,013 in the last three months. Corporate insiders own 0.56% of the company's stock.

Ormat Technologies Profile

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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