Ormat Technologies, Inc. $ORA Shares Sold by Lombard Odier Asset Management USA Corp

Key Points

• Lombard Odier Asset Management USA Corp cut its Ormat Technologies stake by 57.7% in the fourth quarter, selling 15,014 shares and leaving it with 10,996 shares worth about $1.2 million.
• Ormat reported a strong quarter, with EPS of $1.30 topping estimates by $0.38 and revenue of $403.9 million beating forecasts; revenue rose 75.8% year over year.
• Analysts remain mostly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $133.18, even as shares traded down 3.6% to $133.70.

Lombard Odier Asset Management USA Corp reduced its stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 57.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,996 shares of the energy company's stock after selling 15,014 shares during the period. Lombard Odier Asset Management USA Corp's holdings in Ormat Technologies were worth $1,215,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ORA. Norges Bank acquired a new position in shares of Ormat Technologies in the 4th quarter valued at about $86,545,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Ormat Technologies by 155.8% in 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. Canada Pension Plan Investment Board boosted its holdings in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after buying an additional 413,384 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at about $18,310,000. Finally, AEGON ASSET MANAGEMENT UK Plc boosted its holdings in shares of Ormat Technologies by 102.6% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company's stock valued at $32,549,000 after buying an additional 149,271 shares during the period. 95.49% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Ormat Technologies

In related news, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the sale, the director directly owned 5,800 shares in the company, valued at $802,836. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michal Marom sold 3,080 shares of Ormat Technologies stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the sale, the director owned 1,766 shares in the company, valued at approximately $231,293.02. This represents a 63.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,721 shares of company stock worth $4,105,657 over the last 90 days. Corporate insiders own 0.56% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Oppenheimer reaffirmed an "outperform" rating and issued a $144.00 price target on shares of Ormat Technologies in a report on Friday, May 8th. TD Cowen decreased their price target on shares of Ormat Technologies from $131.00 to $125.00 and set a "buy" rating for the company in a report on Friday, February 27th. Royal Bank Of Canada assumed coverage on shares of Ormat Technologies in a report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price target for the company. UBS Group lifted their price target on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $133.18.

Ormat Technologies Trading Down 3.6%

Shares of NYSE:ORA opened at $133.70 on Wednesday. The company has a market cap of $8.22 billion, a PE ratio of 64.90, a P/E/G ratio of 5.91 and a beta of 0.85. The company's 50-day moving average price is $125.55 and its 200 day moving average price is $118.63. Ormat Technologies, Inc. has a fifty-two week low of $79.20 and a fifty-two week high of $146.39. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. Ormat Technologies's quarterly revenue was up 75.8% compared to the same quarter last year. During the same period last year, the firm posted $0.68 EPS. Sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a $0.12 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies's dividend payout ratio (DPR) is currently 23.30%.

About Ormat Technologies

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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