Insider Selling: Ormat Technologies (NYSE:ORA) Director Sells 199 Shares of Stock

Key Points

• Ormat Technologies Director David Granot sold 199 shares for a total of $18,393.57, decreasing his position by 7.43% and leaving him with 2,479 shares valued at approximately $229,133.97.
• The company declared a quarterly dividend of $0.12 per share, which will be paid on September 3rd, marking a dividend yield of 0.5% and a payout ratio of 22.33%.
• Analysts have recently updated their price targets for Ormat Technologies, with a consensus target price of $93.30, reflecting a "Moderate Buy" rating for the stock.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) Director David Granot sold 199 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $92.43, for a total value of $18,393.57. Following the completion of the transaction, the director owned 2,479 shares in the company, valued at approximately $229,133.97. This trade represents a 7.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Ormat Technologies Price Performance

Shares of NYSE:ORA traded down $2.1760 during midday trading on Monday, hitting $92.6740. The company had a trading volume of 541,548 shares, compared to its average volume of 560,977. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $95.36. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of 43.10, a price-to-earnings-growth ratio of 4.41 and a beta of 0.68. The business's 50-day simple moving average is $87.90 and its 200-day simple moving average is $77.15.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results 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. The company had revenue of $234.02 million during the quarter, compared to analysts' expectations of $225.26 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.37 earnings per share. On average, research analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be given 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 (DPR) is currently 22.33%.

Analysts Set New Price Targets

ORA has been the subject of a number of recent research reports. Piper Sandler lifted their target price on Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, August 19th. Cowen reiterated a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. TD Cowen lifted their target price on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a report on Friday, August 8th. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $87.00 to $103.00 in a report on Wednesday, July 30th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $100.00 price target on shares of Ormat Technologies in a report on Friday, August 8th. One investment 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $93.30.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas acquired a new position in Ormat Technologies in the 1st quarter valued at about $593,000. Empower Advisory Group LLC increased its position in Ormat Technologies by 6.5% in the 1st quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company's stock valued at $15,239,000 after acquiring an additional 13,061 shares during the period. Bayforest Capital Ltd increased its position in Ormat Technologies by 2,293.3% in the 1st quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock valued at $479,000 after acquiring an additional 6,490 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after acquiring an additional 955,883 shares during the period. Finally, GAMMA Investing LLC increased its position in Ormat Technologies by 4,485.0% in the 1st quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company's stock valued at $2,820,000 after acquiring an additional 38,975 shares during the period. Institutional investors and hedge funds own 95.49% 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.

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