Nicholas Investment Partners LP Takes Position in Ormat Technologies, Inc. $ORA

Nicholas Investment Partners LP acquired a new stake in Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 43,767 shares of the energy company’s stock, valued at approximately $4,835,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Ormat Technologies by 155.8% in the 4th 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 in the last quarter. Jennison Associates LLC lifted its stake in shares of Ormat Technologies by 51.7% in the 4th quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after purchasing an additional 30,910 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Ormat Technologies by 259.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock valued at $7,935,000 after purchasing an additional 51,830 shares in the last quarter. Legato Capital Management LLC acquired a new position in Ormat Technologies during the 4th quarter worth approximately $1,319,000. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its position in Ormat Technologies by 102.6% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after acquiring an additional 149,271 shares in the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ormat Technologies

In related news, Director Dafna Sharir sold 883 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $122.44, for a total transaction of $108,114.52. Following the completion of the transaction, the director owned 3,140 shares in the company, valued at $384,461.60. The trade was a 21.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Assi Ginzburg sold 17,776 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares of the company’s stock, valued at $265,457.50. This represents a 90.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 30,721 shares of company stock worth $4,105,657. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ORA. Roth Mkm reissued a “buy” rating and set a $135.00 price target on shares of Ormat Technologies in a research report on Monday, May 11th. Citigroup boosted their price target on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Barclays boosted their price target on Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada assumed coverage on Ormat Technologies in a report on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and an average price target of $133.18.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $138.43 on Friday. Ormat Technologies, Inc. has a twelve month low of $78.24 and a twelve month high of $146.39. 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 company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 67.20, a price-to-earnings-growth ratio of 5.89 and a beta of 0.85. The business has a 50 day simple moving average of $124.61 and a 200-day simple moving average of $118.26.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same quarter in the previous year, the firm posted $0.68 EPS. The business’s revenue for the quarter was up 75.8% compared to the same quarter last year. As a group, equities research analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. Ormat Technologies’s payout ratio is currently 23.30%.

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.