Ormat Technologies, Inc. (NYSE:ORA) Holdings Increased by Van Berkom & Associates Inc.

Key Points

• Van Berkom & Associates Inc. has increased its stake in Ormat Technologies by 2.7% in Q1, holding 1,280,026 shares valued at approximately $90.6 million, which makes it the 9th largest position in their portfolio.
• JPMorgan Chase & Co. and UBS Group recently raised their price targets for Ormat Technologies, setting them at $85 and $105 respectively, with an overall average price target of $88.50 among analysts.
• Ormat Technologies reported earnings of $0.68 per share for the latest quarter, exceeding expectations, while also announcing a quarterly dividend of $0.12, which reflects a 0.54% annual yield.

Van Berkom & Associates Inc. increased its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 2.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,280,026 shares of the energy company's stock after purchasing an additional 33,719 shares during the period. Ormat Technologies makes up approximately 2.9% of Van Berkom & Associates Inc.'s holdings, making the stock its 9th biggest position. Van Berkom & Associates Inc. owned 2.11% of Ormat Technologies worth $90,587,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ORA. Raymond James Financial Inc. purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at about $204,000. Thrivent Financial for Lutherans increased its position in shares of Ormat Technologies by 6.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 13,617 shares of the energy company's stock valued at $922,000 after purchasing an additional 878 shares during the last quarter. Vanguard Group Inc. increased 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 purchasing an additional 274,540 shares during the last quarter. Corebridge Financial Inc. increased its position in shares of Ormat Technologies by 1.3% during the 4th quarter. Corebridge Financial Inc. now owns 93,305 shares of the energy company's stock valued at $6,319,000 after purchasing an additional 1,219 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at about $62,851,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Analysts Set New Price Targets

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

Insider Activity

In other news, Director Byron G. Wong sold 460 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 8,659 shares in the company, valued at approximately $727,702.36. This represents a 5.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Granot sold 950 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total value of $69,445.00. Following the transaction, the director owned 2,713 shares of the company's stock, valued at $198,320.30. This represents a 25.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,329 shares of company stock worth $423,443. 0.56% of the stock is owned by corporate insiders.

Ormat Technologies Price Performance

ORA stock traded up $2.34 during midday trading on Wednesday, hitting $90.49. The company's stock had a trading volume of 213,957 shares, compared to its average volume of 504,522. Ormat Technologies, Inc. has a 12 month low of $61.58 and a 12 month high of $91.81. 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 capitalization of $5.48 billion, a price-to-earnings ratio of 43.97, a price-to-earnings-growth ratio of 4.26 and a beta of 0.64. The company has a 50 day moving average of $82.20 and a two-hundred day moving average of $73.73.

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

Ormat Technologies Dividend Announcement

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

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.