8,862 Shares in Ormat Technologies, Inc. $ORA Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC bought a new stake in Ormat Technologies, Inc. (NYSE:ORA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,862 shares of the energy company’s stock, valued at approximately $853,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new position in shares of Ormat Technologies in the 2nd quarter valued at about $358,000. Voya Investment Management LLC raised its position in shares of Ormat Technologies by 19.2% during the 1st quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company’s stock worth $6,837,000 after purchasing an additional 15,532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Ormat Technologies by 100.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock worth $2,513,000 after purchasing an additional 15,000 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Ormat Technologies during the third quarter worth $3,738,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Ormat Technologies by 54.6% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company’s stock worth $2,835,000 after purchasing an additional 11,952 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

NYSE:ORA opened at $113.00 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of 51.84, a price-to-earnings-growth ratio of 5.16 and a beta of 0.74. Ormat Technologies, Inc. has a twelve month low of $61.58 and a twelve month high of $116.66. The company has a 50-day moving average of $110.43 and a 200-day moving average of $98.08.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. The company had revenue of $249.73 million for the quarter, compared to analysts’ expectations of $235.03 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The firm’s revenue was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. Analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s payout ratio is currently 22.02%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th. Barclays boosted their price objective on Ormat Technologies from $89.00 to $118.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Piper Sandler increased their target price on shares of Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Jefferies Financial Group reissued a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a report on Monday, November 24th. Finally, TD Cowen lifted their price objective on shares of Ormat Technologies from $100.00 to $115.00 and gave the company a “hold” rating in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $120.22.

Insider Activity at Ormat Technologies

In related news, Director Ravit Barniv sold 1,753 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $112.54, for a total transaction of $197,282.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dafna Sharir sold 981 shares of Ormat Technologies stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $96.70, for a total transaction of $94,862.70. Following the sale, the director directly owned 2,257 shares of the company’s stock, valued at $218,251.90. This trade represents a 30.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 42,241 shares of company stock worth $4,734,784. Insiders own 0.56% of the company’s stock.

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.