Norges Bank Makes New $86.55 Million Investment in Ormat Technologies, Inc. $ORA

Norges Bank purchased a new position in Ormat Technologies, Inc. (NYSE:ORA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 783,447 shares of the energy company’s stock, valued at approximately $86,545,000.

Other large investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC bought a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $33,000. Ameriflex Group Inc. grew its position in shares of Ormat Technologies by 1,100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock worth $35,000 after buying an additional 330 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Ormat Technologies by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock worth $35,000 after buying an additional 113 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $51,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Ormat Technologies by 251.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock worth $44,000 after buying an additional 374 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Trading Down 1.6%

NYSE ORA opened at $140.21 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a twelve month low of $76.96 and a twelve month high of $146.39. The firm has a market capitalization of $8.62 billion, a PE ratio of 68.06, a P/E/G ratio of 6.07 and a beta of 0.85. The stock’s 50 day moving average is $122.04 and its 200 day moving average is $117.23.

Ormat Technologies (NYSE:ORA) last released its quarterly 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 return on equity of 6.61% and a net margin of 10.97%.The company 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 company posted $0.68 earnings per share. The firm’s revenue was up 75.8% on a year-over-year basis. Research analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 0.3%. Ormat Technologies’s payout ratio is currently 23.30%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the sale, the director directly owned 5,800 shares of the company’s stock, valued at approximately $802,836. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Granot sold 1,766 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the sale, the director directly owned 1,766 shares in the company, valued at $237,403.38. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,721 shares of company stock valued at $4,105,657 over the last ninety days. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

ORA has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. TD Cowen cut their price objective on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Royal Bank Of Canada initiated coverage on Ormat Technologies in a research report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Finally, Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $133.18.

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.