Ormat Technologies, Inc. $ORA Shares Sold by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC has significantly reduced its stake in Ormat Technologies, Inc. by 67.1%, holding 4,458 shares after selling 9,075 shares, which represents a market value of $315,000.
• Ormat Technologies reported a quarterly earnings per share of $0.48, exceeding estimates and demonstrating a 9.9% revenue increase compared to the previous year, reaching $234.02 million.
• The company recently disclosed a quarterly dividend of $0.12 per share, with a annualized yield of 0.5% and a payout ratio of 22.33%.

Teza Capital Management LLC trimmed its position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) by 67.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,458 shares of the energy company's stock after selling 9,075 shares during the period. Teza Capital Management LLC's holdings in Ormat Technologies were worth $315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Stuart Chaussee & Associates Inc. acquired a new position in shares of Ormat Technologies in the 4th quarter valued at $34,000. UMB Bank n.a. increased its position in shares of Ormat Technologies by 42.6% in the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock valued at $62,000 after acquiring an additional 263 shares during the period. Signaturefd LLC increased its position in shares of Ormat Technologies by 60.6% in the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after acquiring an additional 336 shares during the period. CWM LLC increased its position in shares of Ormat Technologies by 294.2% in the 1st quarter. CWM LLC now owns 887 shares of the energy company's stock valued at $63,000 after acquiring an additional 662 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Ormat Technologies by 30.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after purchasing an additional 252 shares during the period. 95.49% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on ORA. Cowen reaffirmed a "hold" rating on shares of Ormat Technologies in a research report on Friday, August 8th. Oppenheimer reaffirmed an "outperform" rating and set a $100.00 price target on shares of Ormat Technologies in a research report on Friday, August 8th. TD Cowen increased their price target on Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and raised their target price for the company from $87.00 to $103.00 in a research report on Wednesday, July 30th. Finally, Barclays dropped their target price on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Ormat Technologies has a consensus rating of "Moderate Buy" and an average target price of $93.30.

Ormat Technologies Price Performance

Ormat Technologies stock traded down $0.48 during midday trading on Friday, reaching $91.44. The company had a trading volume of 250,438 shares, compared to its average volume of 518,278. The company has a market capitalization of $5.55 billion, a P/E ratio of 42.53, a P/E/G ratio of 4.28 and a beta of 0.69. Ormat Technologies, Inc. has a 12-month low of $61.58 and a 12-month high of $95.36. The firm's fifty day simple moving average is $89.70 and its 200-day simple moving average is $79.49. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64.

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

Ormat Technologies Announces Dividend

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

Insiders Place Their Bets

In other Ormat Technologies news, Director Byron G. Wong sold 535 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $91.39, for a total value of $48,893.65. Following the transaction, the director directly owned 8,659 shares of the company's stock, valued at $791,346.01. This trade represents a 5.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dafna Sharir sold 1,601 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $277,269.94. This represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,976 shares of company stock worth $1,105,067. 0.56% of the stock is currently owned by insiders.

About Ormat Technologies

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.