Van ECK Associates Corp Lowers Stock Holdings in Ormat Technologies, Inc. $ORA

Van ECK Associates Corp lessened its stake in Ormat Technologies, Inc. (NYSE:ORA) by 5.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 453,519 shares of the energy company’s stock after selling 24,350 shares during the period. Van ECK Associates Corp’s holdings in Ormat Technologies were worth $43,652,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in Ormat Technologies by 324.1% during the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after acquiring an additional 19,043 shares during the period. United Services Automobile Association acquired a new position in shares of Ormat Technologies in the first quarter valued at approximately $243,000. Empowered Funds LLC raised its stake in shares of Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after purchasing an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after purchasing an additional 43,483 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of Ormat Technologies by 10.5% during the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 2,329 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 2,359 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total transaction of $248,072.44. Following the sale, the insider directly owned 3,433 shares in the company, valued at approximately $361,014.28. The trade was a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.56% of the company’s stock.

Ormat Technologies Trading Down 2.2%

Shares of ORA opened at $108.35 on Thursday. Ormat Technologies, Inc. has a twelve month low of $64.39 and a twelve month high of $132.58. The company has a current ratio of 0.81, a quick ratio of 0.75 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $6.59 billion, a P/E ratio of 53.91, a PEG ratio of 4.68 and a beta of 0.84. The firm’s 50-day moving average is $117.77 and its two-hundred day moving average is $109.17.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $276.04 million during the quarter, compared to the consensus estimate of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the firm earned $0.67 EPS. On average, research analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s payout ratio is currently 23.88%.

Analysts Set New Price Targets

Several brokerages have issued reports on ORA. Piper Sandler boosted their price objective on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Roth Mkm set a $139.00 target price on shares of Ormat Technologies in a report on Wednesday, January 28th. Citigroup boosted their price target 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. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada began coverage on Ormat Technologies in a report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.09.

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.