Byron Wong Sells 4,500 Shares of Ormat Technologies (NYSE:ORA) Stock

Ormat Technologies, Inc. (NYSE:ORA) Director Byron Wong sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total value of $604,440.00. Following the transaction, the director directly owned 5,925 shares in the company, valued at approximately $795,846. This represents a 43.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Ormat Technologies Stock Performance

Shares of NYSE ORA opened at $131.52 on Friday. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of 63.84, a P/E/G ratio of 5.63 and a beta of 0.80. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. Ormat Technologies, Inc. has a 1-year low of $70.42 and a 1-year high of $138.51. The stock’s 50-day moving average is $113.73 and its 200 day moving average is $114.37.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data 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 firm had revenue of $403.91 million during the quarter, compared to the consensus estimate of $349.17 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The business’s revenue was up 75.8% on a year-over-year basis. On average, sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.33 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be given a $0.12 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s payout ratio is presently 23.30%.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $26,000. Main Street Group LTD purchased a new position in shares of Ormat Technologies during the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $32,000. Finally, Wolff Wiese Magana LLC purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $33,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ORA has been the subject of several recent research reports. Jefferies Financial Group downgraded Ormat Technologies from a “buy” rating to a “hold” rating and boosted their price objective for the company from $125.00 to $130.00 in a research report on Friday, February 13th. JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. Citigroup boosted their price objective on Ormat Technologies from $110.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $144.00 price objective on shares of Ormat Technologies in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $131.64.

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.