Neo Ivy Capital Management Purchases New Shares in Ormat Technologies, Inc. (NYSE:ORA)

Key Points

• Neo Ivy Capital Management acquired a new stake in Ormat Technologies, purchasing 8,596 shares valued at approximately $608,000 in the first quarter.
• Multiple analysts have raised their price targets for Ormat Technologies, with JPMorgan setting a target of $85.00 and UBS Group raising theirs to $105.00, indicating a strong outlook for the company.
• Ormat Technologies reported a quarterly earnings per share of $0.68, beating analysts' expectations, along with a 2.5% annual revenue increase.

Neo Ivy Capital Management bought a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 8,596 shares of the energy company's stock, valued at approximately $608,000.

Other large investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Ormat Technologies in the fourth quarter worth $204,000. Thrivent Financial for Lutherans increased its stake in Ormat Technologies by 6.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 13,617 shares of the energy company's stock worth $922,000 after acquiring an additional 878 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Ormat Technologies by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock valued at $409,305,000 after acquiring an additional 274,540 shares during the last quarter. Corebridge Financial Inc. grew its holdings in shares of Ormat Technologies by 1.3% during the fourth quarter. Corebridge Financial Inc. now owns 93,305 shares of the energy company's stock worth $6,319,000 after purchasing an additional 1,219 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Ormat Technologies in the fourth quarter worth approximately $62,851,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Trading Up 2.4%

Shares of Ormat Technologies stock traded up $2.15 during trading on Wednesday, reaching $90.30. 157,766 shares of the stock were exchanged, compared to its average volume of 504,130. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.77. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 43.83, a price-to-earnings-growth ratio of 4.26 and a beta of 0.64. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $91.81. The stock's fifty day moving average is $82.20 and its 200 day moving average is $73.73.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.10. The business had revenue of $229.76 million during the quarter, compared to analyst estimates of $228.33 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. Ormat Technologies's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 EPS. As a group, equities research analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Wednesday, May 21st. Ormat Technologies's payout ratio is 23.30%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ORA shares. Wall Street Zen raised shares of Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. Barclays upped their target price on Ormat Technologies from $86.00 to $90.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. UBS Group upped their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $87.00 to $103.00 in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $91.25.

Insiders Place Their Bets

In other Ormat Technologies news, Director Dafna Sharir sold 1,601 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.63, for a total transaction of $137,093.63. Following the transaction, the director directly owned 3,238 shares of the company's stock, valued at approximately $277,269.94. The trade was a 33.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Byron G. Wong sold 460 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $84.04, for a total transaction of $38,658.40. Following the completion of the sale, the director directly owned 8,659 shares of the company's stock, valued at approximately $727,702.36. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,329 shares of company stock valued at $423,443 over the last quarter. 0.56% of the stock is owned by company insiders.

About Ormat Technologies

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.