Ormat Technologies, Inc. $ORA Position Increased by Phoenix Financial Ltd.

Key Points

• Phoenix Financial Ltd. increased its stake in Ormat Technologies by 162.6%, owning 98,481 shares valued at approximately $8.25 million as of its latest filing.
• Ormat Technologies reported earnings of $0.48 per share for the most recent quarter, surpassing analysts' expectations and posting a revenue of $234.02 million.
• The company declared a quarterly dividend of $0.12, translating to an annual yield of 0.4%, with a payout ratio of 22.33%.

Phoenix Financial Ltd. raised its holdings in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 162.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 98,481 shares of the energy company's stock after buying an additional 60,981 shares during the period. Phoenix Financial Ltd. owned about 0.16% of Ormat Technologies worth $8,249,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ORA. Harel Insurance Investments & Financial Services Ltd. boosted its holdings 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 worth $67,673,000 after buying an additional 955,883 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Ormat Technologies by 7,951.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company's stock worth $46,726,000 after purchasing an additional 652,055 shares during the period. Dimensional Fund Advisors LP boosted its stake in Ormat Technologies by 19.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company's stock worth $133,770,000 after purchasing an additional 303,756 shares during the period. Nuveen LLC acquired a new position in Ormat Technologies in the 1st quarter worth approximately $14,453,000. Finally, Roubaix Capital LLC acquired a new position in Ormat Technologies in the 1st quarter worth approximately $5,030,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Trading Up 1.1%

Shares of NYSE:ORA opened at $109.86 on Tuesday. The firm has a fifty day moving average of $95.94 and a two-hundred day moving average of $84.97. The firm has a market capitalization of $6.67 billion, a P/E ratio of 51.10, a price-to-earnings-growth ratio of 4.90 and a beta of 0.69. Ormat Technologies, Inc. has a 12-month low of $61.58 and a 12-month high of $111.08. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. The company had revenue of $234.02 million during the quarter, compared to analyst estimates of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. On average, equities analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, August 20th. Ormat Technologies's payout ratio is presently 22.33%.

Insiders Place Their Bets

In related news, Director Dafna Sharir sold 981 shares of Ormat Technologies stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $96.70, for a total value of $94,862.70. Following the completion of the sale, the director owned 2,257 shares of the company's stock, valued at approximately $218,251.90. The trade was a 30.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stanley Stern sold 400 shares of Ormat Technologies stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $95.98, for a total transaction of $38,392.00. Following the completion of the sale, the director directly owned 4,861 shares of the company's stock, valued at approximately $466,558.78. The trade was a 7.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,926 shares of company stock worth $3,861,296 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $88.00 to $99.00 and gave the stock a "neutral" rating in a research note on Thursday, October 16th. TD Cowen raised their price objective on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a research note on Friday, August 8th. Roth Capital reaffirmed a "buy" rating and issued a $98.00 price objective (up previously from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Jefferies Financial Group raised their price objective on shares of Ormat Technologies from $97.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $100.00 price objective on shares of Ormat Technologies in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $99.30.

Ormat Technologies Company Profile

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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