Ormat Technologies, Inc. $ORA Shares Acquired by Harel Insurance Investments & Financial Services Ltd.

Key Points

• Harel Insurance Investments increased its stake in Ormat Technologies by 32.7% in Q1, buying 282,583 additional shares and bringing its total holding to 1,147,863 shares, worth about $128.5 million.
• Ormat’s latest quarter beat expectations, with EPS of $1.30 versus the $0.92 estimate and revenue of $403.9 million versus $349.2 million expected. Revenue rose 75.8% year over year.
• Wall Street remains mostly constructive on the stock, with analysts giving Ormat a Moderate Buy consensus and an average target price of $131.67, even as some firms issued more cautious ratings.

Harel Insurance Investments & Financial Services Ltd. boosted its stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 32.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,147,863 shares of the energy company's stock after purchasing an additional 282,583 shares during the quarter. Harel Insurance Investments & Financial Services Ltd. owned about 1.87% of Ormat Technologies worth $128,469,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of ORA. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock valued at $97,935,000 after buying an additional 540,000 shares during the period. Legato Capital Management LLC purchased a new position in shares of Ormat Technologies in the 4th quarter worth $1,319,000. Jennison Associates LLC boosted its holdings in Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company's stock valued at $10,025,000 after acquiring an additional 30,910 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ormat Technologies by 259.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company's stock valued at $7,935,000 after acquiring an additional 51,830 shares during the last quarter. Finally, Nicholas Investment Partners LP purchased a new stake in Ormat Technologies during the fourth quarter valued at about $4,835,000. Institutional investors and hedge funds own 95.49% of the company's stock.

Insider Buying and Selling

In other news, Director Stanley Stern sold 250 shares of the business's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the transaction, the director directly owned 5,800 shares of the company's stock, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Granot sold 1,766 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director owned 1,766 shares of the company's stock, valued at $237,403.38. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,585 shares of company stock valued at $4,090,998 over the last three months. Company insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

ORA has been the topic of a number of research reports. Sanford C. Bernstein initiated coverage on Ormat Technologies in a report on Tuesday, June 16th. They issued an "underperform" rating and a $115.00 price objective on the stock. Oppenheimer reiterated an "outperform" rating and set a $144.00 target price on shares of Ormat Technologies in a report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Wolfe Research initiated coverage on shares of Ormat Technologies in a report on Monday, June 8th. They issued a "peer perform" rating on the stock. Finally, Piper Sandler lifted their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a research report on Monday, May 18th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Ormat Technologies has a consensus rating of "Moderate Buy" and an average target price of $131.67.

Ormat Technologies Stock Up 0.7%

Shares of NYSE ORA opened at $107.56 on Wednesday. The stock has a fifty day moving average price of $126.84 and a 200 day moving average price of $119.18. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 12-month low of $84.13 and a 12-month high of $146.39. The company has a market cap of $6.61 billion, a P/E ratio of 52.21, a P/E/G ratio of 4.55 and a beta of 0.88.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping 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 analysts' expectations of $349.17 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The firm's quarterly revenue was up 75.8% on a year-over-year basis. Research analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Ormat Technologies Company 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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