Ormat Technologies, Inc. $ORA Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lessened its position in Ormat Technologies, Inc. (NYSE:ORA) by 23.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 29,618 shares of the energy company’s stock after selling 9,221 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Ormat Technologies were worth $3,272,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ORA. Norges Bank bought a new position in Ormat Technologies during the second quarter valued at about $56,458,000. Canada Pension Plan Investment Board raised its position in Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after acquiring an additional 413,384 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Ormat Technologies in the 2nd quarter valued at about $18,310,000. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Ormat Technologies in the 3rd quarter valued at about $14,005,000. Finally, Scopus Asset Management L.P. bought a new position in shares of Ormat Technologies during the 3rd quarter valued at about $12,658,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ORA shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, January 22nd. UBS Group reduced their target price on shares of Ormat Technologies from $148.00 to $143.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Piper Sandler lifted their price target on shares of Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Oppenheimer upped their price target on Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Tuesday, January 27th. Finally, Barclays increased their price objective on Ormat Technologies from $108.00 to $123.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and an average price target of $129.09.

Ormat Technologies Price Performance

ORA stock opened at $112.02 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.75 and a debt-to-equity ratio of 0.79. Ormat Technologies, Inc. has a one year low of $64.39 and a one year high of $132.58. The firm has a market capitalization of $6.82 billion, a PE ratio of 55.73, a P/E/G ratio of 4.73 and a beta of 0.84. The firm has a 50-day moving average of $116.20 and a two-hundred day moving average of $110.82.

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

Ormat Technologies Dividend Announcement

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

Insider Activity

In other news, insider Jessica Woelfel sold 2,359 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the sale, the insider owned 3,433 shares of the company’s stock, valued at $361,014.28. This trade represents a 40.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 3,364 shares of company stock valued at $353,621 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Ormat Technologies 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.