Roubaix Capital LLC Takes Position in Ormat Technologies, Inc. $ORA

Key Points

• Roubaix Capital LLC has invested approximately $5.03 million in Ormat Technologies, acquiring 71,082 shares, which now make up 2.6% of their investment portfolio.
• Several institutional investors have increased their stakes in Ormat Technologies, with Harel Insurance Investments & Financial Services Ltd. notably raising its stake by 273,109.4%.
• Ormat Technologies reported strong quarterly earnings, with $0.48 earnings per share, exceeding analyst expectations of $0.37, and announced a quarterly dividend of $0.12 per share.

Roubaix Capital LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 71,082 shares of the energy company's stock, valued at approximately $5,030,000. Ormat Technologies accounts for about 2.6% of Roubaix Capital LLC's investment portfolio, making the stock its 12th largest holding. Roubaix Capital LLC owned about 0.12% of Ormat Technologies as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ORA. Stuart Chaussee & Associates Inc. purchased a new stake in Ormat Technologies in the fourth quarter worth $34,000. UMB Bank n.a. increased its stake in Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after purchasing an additional 263 shares during the period. Signaturefd LLC increased its stake in Ormat Technologies by 60.6% in the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock worth $63,000 after purchasing an additional 336 shares during the period. CWM LLC increased its stake in Ormat Technologies by 294.2% in the first quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after purchasing an additional 662 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Ormat Technologies by 30.7% in the first 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. Hedge funds and other institutional investors own 95.49% of the company's stock.

Insiders Place Their Bets

In other 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 completion of 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Byron G. Wong sold 535 shares of the stock in a transaction 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 sale, the director owned 8,659 shares of the company's stock, valued at approximately $791,346.01. This represents a 5.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,038 shares of company stock worth $337,192. 0.56% of the stock is currently owned by company insiders.

Ormat Technologies Stock Up 2.3%

Shares of NYSE:ORA traded up $2.1150 on Friday, reaching $94.7150. The company had a trading volume of 232,414 shares, compared to its average volume of 512,714. Ormat Technologies, Inc. has a 52-week low of $61.58 and a 52-week high of $94.91. The firm's 50 day simple moving average is $87.33 and its 200-day simple moving average is $76.55. The firm has a market capitalization of $5.75 billion, a PE ratio of 44.05, a PEG ratio of 4.29 and a beta of 0.68. 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 (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business had revenue of $234.02 million for the quarter, compared to the consensus estimate of $225.26 million. During the same period last year, the business posted $0.37 EPS. The business's revenue was up 9.9% compared to the same quarter last year. As a group, 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, August 20th. Ormat Technologies's dividend payout ratio is currently 22.33%.

Analysts Set New Price Targets

A number of research firms have weighed in on ORA. Barclays reduced their target price on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Piper Sandler upped their target price on Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday. Roth Capital reiterated a "buy" rating and issued a $98.00 target price (up from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. Finally, Cowen reiterated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $93.30.

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.