Ormat Technologies (NYSE:ORA) CEO Doron Blachar Sells 14,994 Shares

Key Points

• Ormat Technologies CEO Doron Blachar sold 14,994 shares for approximately $1.42 million, resulting in a 29.74% decrease in his ownership.
• The company reported a 9.9% increase in revenue for the quarter, totaling $234.02 million, and earnings per share of $0.48, beating expectations.
• Several analysts have upgraded Ormat's stock ratings, with UBS raising the price target from $100.00 to $105.00, indicating a positive outlook for the company.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) CEO Doron Blachar sold 14,994 shares of the firm's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $94.71, for a total transaction of $1,420,081.74. Following the transaction, the chief executive officer directly owned 35,419 shares in the company, valued at approximately $3,354,533.49. This represents a 29.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Ormat Technologies Price Performance

Shares of ORA traded up $0.72 during mid-day trading on Tuesday, reaching $96.28. The company had a trading volume of 519,123 shares, compared to its average volume of 473,625. The company's 50 day simple moving average is $90.97 and its 200 day simple moving average is $81.48. Ormat Technologies, Inc. has a 1-year low of $61.58 and a 1-year high of $96.92. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 44.78, a P/E/G ratio of 4.44 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, beating 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 company 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 company posted $0.37 EPS. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. Analysts expect that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently issued reports on ORA shares. Baird R W upgraded shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. UBS Group upped their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Cowen reissued a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. TD Cowen raised their target price on shares of Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.50.

Institutional Trading of Ormat Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Curio Wealth LLC grew its position in shares of Ormat Technologies by 29,200.0% during the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company's stock worth $25,000 after buying an additional 292 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Ormat Technologies by 251.0% during the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company's stock valued at $44,000 after acquiring an additional 374 shares in the last quarter. UMB Bank n.a. grew its holdings in Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock valued at $62,000 after purchasing an additional 263 shares during the period. Signaturefd LLC boosted its stake in shares of 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 acquiring an additional 336 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of 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 acquiring an additional 662 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

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.

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