Telemark Asset Management LLC Acquires New Stake in Ormat Technologies, Inc. $ORA

Telemark Asset Management LLC acquired a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 80,000 shares of the energy company’s stock, valued at approximately $8,838,000. Telemark Asset Management LLC owned about 0.13% of Ormat Technologies as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Ormat Technologies by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company’s stock valued at $179,651,000 after purchasing an additional 22,748 shares during the last quarter. Geode Capital Management LLC grew its holdings in Ormat Technologies by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock valued at $178,033,000 after buying an additional 102,864 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after buying an additional 413,384 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in 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 buying an additional 540,000 shares in the last quarter. Finally, Norges Bank purchased a new stake in Ormat Technologies in the 4th quarter valued at $86,545,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ORA shares. Jefferies Financial Group cut Ormat Technologies from a “buy” rating to a “hold” rating and upped their target price for the company from $125.00 to $130.00 in a report on Friday, February 13th. JPMorgan Chase & Co. upped their target price on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Roth Mkm restated a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. UBS Group upped their target price on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada started coverage on Ormat Technologies in a report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $133.18.

Insider Buying and Selling at Ormat Technologies

In other news, Director Byron G. Wong sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the sale, the director owned 5,925 shares of the company’s stock, valued at approximately $795,846. This trade represents a 43.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction that occurred 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 transaction, the director directly owned 1,766 shares in the company, valued at approximately $237,403.38. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 30,721 shares of company stock worth $4,105,657. 0.56% of the stock is currently owned by corporate insiders.

Ormat Technologies Price Performance

ORA stock opened at $140.21 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market capitalization of $8.62 billion, a P/E ratio of 68.06, a P/E/G ratio of 5.97 and a beta of 0.85. The business’s 50-day moving average is $122.04 and its two-hundred day moving average is $117.23. Ormat Technologies, Inc. has a 1 year low of $76.96 and a 1 year high of $146.39.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results 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 company had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same quarter last year, the company earned $0.68 EPS. Ormat Technologies’s revenue for the quarter was up 75.8% compared to the same quarter last year. Analysts anticipate that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio (DPR) is 23.30%.

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.