Mizuho Markets Americas LLC Decreases Stake in Ormat Technologies, Inc. $ORA

Key Points

• Mizuho Markets Americas LLC cut its stake in Ormat Technologies by 19.9% in the fourth quarter, selling 34,841 shares and leaving it with 140,481 shares valued at about $15.5 million.
• Ormat Technologies reported strong quarterly results, posting $1.30 EPS versus the $0.92 consensus and revenue of $403.9 million, up 75.8% year over year.
• The company also declared a quarterly dividend of $0.12 per share, while analysts currently rate the stock a Moderate Buy with an average target price of $133.18.

Mizuho Markets Americas LLC lowered its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 19.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 140,481 shares of the energy company's stock after selling 34,841 shares during the quarter. Mizuho Markets Americas LLC owned about 0.23% of Ormat Technologies worth $15,519,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ORA. AQR Capital Management LLC raised its holdings in shares of Ormat Technologies by 324.1% during the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock valued at $1,740,000 after buying an additional 19,043 shares during the period. United Services Automobile Association purchased a new position in Ormat Technologies in the 1st quarter worth approximately $243,000. Empowered Funds LLC boosted its holdings in Ormat Technologies by 7.3% in the 1st 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Ormat Technologies by 22.8% in the 1st 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 period. Finally, Intech Investment Management LLC boosted its holdings in Ormat Technologies by 10.5% in the 1st 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 period. Hedge funds and other institutional investors own 95.49% of the company's stock.

Ormat Technologies Stock Performance

Shares of ORA opened at $133.28 on Friday. The business's 50 day moving average is $115.98 and its two-hundred day moving average is $115.26. Ormat Technologies, Inc. has a 52-week low of $70.60 and a 52-week high of $138.51. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of 64.70, a PEG ratio of 5.71 and a beta of 0.80. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating 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 company had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same period in the prior year, the company posted $0.68 EPS. Ormat Technologies's quarterly revenue was up 75.8% on a year-over-year basis. Analysts forecast that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Royal Bank Of Canada assumed coverage on Ormat Technologies in a report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price target for the company. Piper Sandler upped their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a report on Monday. Jefferies Financial Group cut Ormat Technologies from a "buy" rating to a "hold" rating and upped their price target for the stock from $125.00 to $130.00 in a report on Friday, February 13th. Roth Mkm restated a "buy" rating and issued a $135.00 price target on shares of Ormat Technologies in a report on Monday, May 11th. Finally, Barclays upped their price target on Ormat Technologies from $123.00 to $126.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $133.18.

Insider Buying and Selling at Ormat Technologies

In related news, Director Byron G. Wong sold 4,500 shares of the company'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 transaction of $604,440.00. Following the sale, the director directly owned 5,925 shares of the company's stock, valued at approximately $795,846. This represents a 43.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michal Marom sold 3,080 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the sale, the director directly owned 1,766 shares in the company, valued at approximately $231,293.02. This represents a 63.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 33,699 shares of company stock worth $4,410,013. 0.56% of the stock is owned by insiders.

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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