Ormat Technologies (NYSE:ORA) Director Sells $237,403.38 in Stock

Key Points

• Director David Granot sold shares twice in two days, including 1,766 shares on May 21 for $237,403.38 and 1,753 shares on May 20 for $232,623.10. After the latest sale, his reported direct ownership fell by 50%.
• Ormat Technologies posted strong quarterly results, reporting EPS of $1.30 versus the $0.92 estimate and revenue of $403.91 million, well above expectations. Revenue rose 75.8% year over year.
• The stock has been trading near its 52-week high, recently reaching $133.73 versus a 52-week range of $70.42 to $138.51. Analysts currently rate the stock a Moderate Buy with a consensus target price of $133.18.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) Director David Granot sold 1,766 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the transaction, the director directly owned 1,766 shares of the company's stock, valued at $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

David Granot also recently made the following trade(s):

• On Wednesday, May 20th, David Granot sold 1,753 shares of Ormat Technologies stock. The shares were sold at an average price of $132.70, for a total transaction of $232,623.10.

Ormat Technologies Stock Performance

ORA stock traded up $1.95 during midday trading on Thursday, reaching $133.73. 543,646 shares of the company's stock traded hands, compared to its average volume of 1,073,189. Ormat Technologies, Inc. has a 52-week low of $70.42 and a 52-week high of $138.51. The stock has a market cap of $8.22 billion, a P/E ratio of 64.92, a PEG 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 stock's 50-day moving average is $115.48 and its 200 day moving average is $115.13.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $349.17 million. During the same period in the prior year, the company earned $0.68 earnings per share. The firm's revenue was up 75.8% on a year-over-year basis. As a group, analysts anticipate that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies's dividend payout ratio is currently 23.30%.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in Ormat Technologies by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company's stock valued at $211,036,000 after purchasing an additional 43,749 shares during the last quarter. Geode Capital Management LLC lifted its position in Ormat Technologies by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company's stock valued at $178,033,000 after purchasing an additional 102,864 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock valued at $128,469,000 after purchasing an additional 282,583 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock valued at $97,935,000 after purchasing an additional 540,000 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on ORA shares. Roth Mkm reaffirmed a "buy" rating and set a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a report on Tuesday, April 21st. Jefferies Financial Group cut shares of Ormat Technologies from a "buy" rating to a "hold" rating and upped their target price for the company from $125.00 to $130.00 in a report on Friday, February 13th. Citigroup upped their target price on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Finally, Robert W. Baird dropped their price target on shares of Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday, February 27th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Ormat Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $133.18.

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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