Ormat Technologies (NYSE:ORA) CFO Assi Ginzburg Sells 17,776 Shares

Key Points

• Ormat Technologies CFO Assi Ginzburg sold 17,776 shares on May 14 at an average price of $134.75, totaling about $2.4 million. After the sale, his holdings dropped by roughly 90% to 1,970 shares.
• The company reported strong quarterly results, posting $1.30 EPS versus the $0.92 consensus estimate and revenue of $403.91 million, up 75.8% year over year.
• Ormat also announced a quarterly dividend of $0.12 per share, payable June 3, which implies an annualized dividend of $0.48 and a 0.4% yield.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) CFO Assi Ginzburg sold 17,776 shares of Ormat Technologies stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the sale, the chief financial officer owned 1,970 shares in the company, valued at $265,457.50. This represents a 90.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ormat Technologies Stock Performance

Ormat Technologies stock traded down $3.93 on Friday, hitting $131.52. The company's stock had a trading volume of 1,551,006 shares, compared to its average volume of 867,439. Ormat Technologies, Inc. has a one year low of $70.42 and a one year high of $138.51. The firm has a market cap of $8.08 billion, a P/E ratio of 63.84, a price-to-earnings-growth ratio of 5.72 and a beta of 0.80. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. The company has a fifty day moving average price of $113.25 and a 200-day moving average price of $114.25.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its earnings results 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. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same period in the previous year, the business earned $0.68 EPS. The firm's revenue was up 75.8% on a year-over-year basis. On average, equities analysts anticipate that Ormat Technologies, Inc. will post 2.33 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, May 20th. Ormat Technologies's dividend payout ratio is currently 23.30%.

Hedge Funds Weigh In On Ormat Technologies

Institutional investors have recently modified their holdings of the stock. Gabelli Funds LLC grew its stake in shares of Ormat Technologies by 0.6% during the first quarter. Gabelli Funds LLC now owns 96,050 shares of the energy company's stock valued at $10,750,000 after purchasing an additional 600 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Ormat Technologies by 979.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 150,620 shares of the energy company's stock valued at $16,839,000 after purchasing an additional 136,667 shares in the last quarter. Mizuho Markets Americas LLC raised its position in Ormat Technologies by 6.3% in the 1st quarter. Mizuho Markets Americas LLC now owns 149,266 shares of the energy company's stock worth $16,706,000 after purchasing an additional 8,785 shares during the last quarter. State of Wyoming raised its position in Ormat Technologies by 25.2% in the 1st quarter. State of Wyoming now owns 2,618 shares of the energy company's stock worth $293,000 after purchasing an additional 527 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Ormat Technologies by 221.1% during the 1st quarter. Cetera Investment Advisers now owns 9,065 shares of the energy company's stock worth $1,015,000 after buying an additional 6,242 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ORA. Jefferies Financial Group downgraded Ormat Technologies from a "buy" rating to a "hold" rating and raised their target price for the stock from $125.00 to $130.00 in a research report on Friday, February 13th. UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a report on Friday, May 8th. Citigroup upped their price objective on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 18th. Royal Bank Of Canada began coverage on shares of Ormat Technologies in a research note on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $131.64.

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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