Ormat Technologies, Inc. $ORA Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in Ormat Technologies by 19.1% in the first quarter, owning approximately 1,890,235 shares valued at $133.77 million.
• Institutional investors own a significant 95.49% of Ormat's stock, with multiple funds increasing their holdings during the same period.
• Ormat Technologies reported a quarterly EPS of $0.48 exceeding the consensus estimate of $0.37, alongside a 9.9% year-over-year increase in revenue.

Dimensional Fund Advisors LP grew its position in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 19.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,890,235 shares of the energy company's stock after purchasing an additional 303,756 shares during the period. Dimensional Fund Advisors LP owned approximately 3.12% of Ormat Technologies worth $133,770,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ORA. Raymond James Financial Inc. purchased a new position in shares of Ormat Technologies in the fourth quarter worth about $204,000. Guggenheim Capital LLC raised its stake in shares of Ormat Technologies by 18.0% during the fourth quarter. Guggenheim Capital LLC now owns 7,087 shares of the energy company's stock valued at $480,000 after acquiring an additional 1,080 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Ormat Technologies by 3.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 65,044 shares of the energy company's stock valued at $4,399,000 after acquiring an additional 2,344 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Ormat Technologies by 783.9% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 6,788 shares of the energy company's stock valued at $460,000 after acquiring an additional 6,020 shares during the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Ormat Technologies by 13.8% during the fourth quarter. MetLife Investment Management LLC now owns 65,954 shares of the energy company's stock valued at $4,466,000 after acquiring an additional 8,021 shares during the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ormat Technologies

In related news, Director Dafna Sharir sold 1,601 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total transaction of $137,093.63. Following the sale, the director owned 3,238 shares in the company, valued at approximately $277,269.94. This represents a 33.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michal Marom sold 895 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total value of $65,755.65. Following the sale, the director directly owned 3,080 shares of the company's stock, valued at $226,287.60. This represents a 22.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,038 shares of company stock valued at $337,192. Corporate insiders own 0.56% of the company's stock.

Analyst Ratings Changes

ORA has been the topic of several recent research reports. Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and set a $100.00 target price on shares of Ormat Technologies in a report on Friday, August 8th. Cowen reiterated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. TD Cowen lifted their target price on shares of Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and a consensus price target of $93.30.

Ormat Technologies Stock Performance

ORA stock traded up $2.2990 on Friday, hitting $94.8990. The company had a trading volume of 584,692 shares, compared to its average volume of 560,977. Ormat Technologies, Inc. has a 12-month low of $61.58 and a 12-month high of $95.37. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. The stock's 50-day simple moving average is $87.65 and its 200 day simple moving average is $76.95. The stock has a market cap of $5.76 billion, a price-to-earnings ratio of 44.14, a P/E/G ratio of 4.41 and a beta of 0.68.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.11. The business had revenue of $234.02 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $0.37 earnings per share. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies's payout ratio is 22.33%.

Ormat Technologies 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.