Ormat Technologies, Inc. (NYSE:ORA) Holdings Reduced by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC reduced its holdings in Ormat Technologies by 13.4%, bringing their total shares to 29,886, valued at approximately $2.11 million.
• Ormat Technologies reported an earnings per share of $0.68 for the quarter, surpassing analysts' estimates of $0.58, with a revenue of $229.76 million, reflecting a year-over-year increase of 2.5%.
• Analysts have set a target price range for Ormat Technologies, with UBS Group raising it to $105.00, while the stock currently has an average rating of "Moderate Buy" and an average target price of $92.00.

New Age Alpha Advisors LLC trimmed its holdings in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 13.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,886 shares of the energy company's stock after selling 4,637 shares during the quarter. New Age Alpha Advisors LLC's holdings in Ormat Technologies were worth $2,115,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ORA. Teacher Retirement System of Texas acquired a new stake in Ormat Technologies in the first quarter worth approximately $593,000. Bayforest Capital Ltd lifted its holdings in shares of Ormat Technologies by 2,293.3% in the first quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock valued at $479,000 after buying an additional 6,490 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Ormat Technologies by 273,109.4% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after buying an additional 955,883 shares in the last quarter. Franklin Resources Inc. acquired a new position in Ormat Technologies during the fourth quarter worth about $526,000. Finally, GAMMA Investing LLC grew its holdings in Ormat Technologies by 4,485.0% during the first quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company's stock worth $2,820,000 after acquiring an additional 38,975 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $85.25 on Thursday. The firm has a market capitalization of $5.17 billion, a P/E ratio of 41.39, a PEG ratio of 4.11 and a beta of 0.68. The business has a 50-day moving average of $84.37 and a 200-day moving average of $74.64. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.77. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $91.81.

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

Analysts Set New Price Targets

Several analysts recently commented on ORA shares. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. UBS Group raised their price objective on Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Barclays boosted their target price on Ormat Technologies from $86.00 to $90.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Robert W. Baird raised Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their target price for the company from $87.00 to $103.00 in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.00.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 950 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total transaction of $69,445.00. Following the transaction, the director directly owned 2,713 shares in the company, valued at $198,320.30. The trade was a 25.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michal Marom sold 895 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $73.47, for a total transaction of $65,755.65. Following the completion of the transaction, the director directly owned 3,080 shares in the company, valued at $226,287.60. The trade was a 22.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,329 shares of company stock valued at $423,443. 0.56% of the stock is owned by 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.

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