Ormat Technologies, Inc. $ORA Shares Sold by Guinness Asset Management LTD

Key Points

• Guinness Asset Management LTD reduced its stake in Ormat Technologies by 26.7%, owning approximately 0.32% of the company after selling 70,869 shares in the first quarter.
• Analyst ratings for Ormat Technologies suggest a general optimism, with one Strong Buy, seven Buy, and four Hold ratings, alongside a target price increase from several brokerages.
• Ormat Technologies reported earnings of $0.48 per share in its latest quarter, exceeding expectations and indicating a 9.9% year-over-year revenue growth.

Guinness Asset Management LTD lessened its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 26.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,698 shares of the energy company's stock after selling 70,869 shares during the period. Guinness Asset Management LTD owned about 0.32% of Ormat Technologies worth $13,777,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Strs Ohio acquired a new position in shares of Ormat Technologies in the first quarter valued at approximately $304,000. Intech Investment Management LLC raised its position in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock valued at $1,740,000 after buying an additional 2,329 shares during the last quarter. Bayforest Capital Ltd increased its position in Ormat Technologies by 2,293.3% during the first quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock worth $479,000 after purchasing an additional 6,490 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock worth $16,593,000 after purchasing an additional 43,483 shares during the last quarter. Finally, Empowered Funds LLC increased its position in Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock worth $297,000 after purchasing an additional 286 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. TD Cowen upped their price target on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. Piper Sandler raised shares of Ormat Technologies from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $90.00 to $102.00 in a research report on Wednesday. Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $87.00 to $103.00 in a research report on Wednesday, July 30th. Barclays dropped their price target on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Finally, Roth Capital reaffirmed a "buy" rating and set a $98.00 price target (up previously from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $94.50.

Ormat Technologies Trading Up 2.3%

ORA traded up $2.14 during trading on Wednesday, hitting $93.19. 357,762 shares of the company's stock were exchanged, compared to its average volume of 509,975. The company has a current ratio of 0.70, a quick ratio of 0.64 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 $95.36. The stock has a 50 day moving average price of $89.89 and a 200 day moving average price of $79.87. The firm has a market cap of $5.66 billion, a P/E ratio of 43.33, a price-to-earnings-growth ratio of 4.27 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.11. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company had revenue of $234.02 million during the quarter, compared to the consensus estimate of $225.26 million. During the same period in the previous year, the firm earned $0.37 earnings per share. Ormat Technologies's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Stanley Stern sold 876 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $91.98, for a total value of $80,574.48. Following the completion of the transaction, the director directly owned 5,261 shares in the company, valued at approximately $483,906.78. This represents a 14.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dafna Sharir sold 1,601 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.63, for a total transaction of $137,093.63. Following the completion of the transaction, the director owned 3,238 shares of the company's stock, valued at $277,269.94. This trade represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,976 shares of company stock valued at $1,105,067. Corporate insiders own 0.56% of the company's stock.

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.