Ormat Technologies (NYSE:ORA) Director Michal Marom Sells 3,080 Shares

Key Points

• Director Michal Marom sold 3,080 shares of Ormat Technologies on May 19 at an average price of $130.97, totaling about $403,388. After the sale, Marom’s stake fell 63.56% to 1,766 shares.
• Ormat posted strong quarterly results on May 6, reporting EPS of $1.30 versus the $0.92 estimate and revenue of $403.91 million, up 75.8% year over year.
• Analyst sentiment remains constructive, with a consensus rating of “Moderate Buy” and a target price of $133.18. Several firms recently raised targets, while institutional investors continue to hold a large majority of the stock.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) Director Michal Marom sold 3,080 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total transaction of $403,387.60. Following the sale, the director owned 1,766 shares of the company's stock, valued at $231,293.02. This trade represents a 63.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock traded up $1.95 during mid-day trading on Thursday, reaching $133.73. 543,646 shares of the stock were exchanged, compared to its average volume of 1,073,189. The company has a market cap of $8.22 billion, a price-to-earnings ratio of 64.92, a price-to-earnings-growth ratio of 5.62 and a beta of 0.80. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The firm has a 50-day simple moving average of $115.48 and a 200 day simple moving average of $115.13. Ormat Technologies, Inc. has a fifty-two week low of $70.42 and a fifty-two week high of $138.51.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The firm's revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter last year, the company posted $0.68 EPS. On average, sell-side analysts predict that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

ORA has been the subject of several research reports. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price objective for the company. Barclays raised their price objective on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. Jefferies Financial Group cut shares of Ormat Technologies from a "buy" rating to a "hold" rating and raised their price objective for the company from $125.00 to $130.00 in a research report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $133.18.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ORA. AQR Capital Management LLC boosted its stake in shares of Ormat Technologies by 324.1% in the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock valued at $1,740,000 after purchasing an additional 19,043 shares during the last quarter. United Services Automobile Association bought a new position in shares of Ormat Technologies in the 1st quarter valued at about $243,000. Empowered Funds LLC boosted its stake in shares of Ormat Technologies by 7.3% in the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock valued at $297,000 after purchasing an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Ormat Technologies by 22.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock valued at $16,593,000 after purchasing an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Ormat Technologies by 10.5% in the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock valued at $1,740,000 after purchasing an additional 2,329 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Company Profile

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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