Bayforest Capital Ltd Purchases 6,490 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Bayforest Capital Ltd increased its position in Ormat Technologies, Inc. (NYSE:ORA) by 2,293.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,773 shares of the energy company’s stock after purchasing an additional 6,490 shares during the period. Bayforest Capital Ltd’s holdings in Ormat Technologies were worth $479,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ORA. Harel Insurance Investments & Financial Services Ltd. raised its position in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company’s stock valued at $67,673,000 after buying an additional 955,883 shares during the last quarter. Norges Bank purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at $62,851,000. Vanguard Group Inc. increased its position in shares of Ormat Technologies by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock valued at $409,305,000 after purchasing an additional 274,540 shares during the last quarter. Soros Fund Management LLC purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at $10,158,000. Finally, Handelsbanken Fonder AB increased its position in shares of Ormat Technologies by 66.3% during the 1st quarter. Handelsbanken Fonder AB now owns 259,258 shares of the energy company’s stock valued at $18,348,000 after purchasing an additional 103,352 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Stanley Stern sold 547 shares of the company’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.54, for a total value of $46,790.38. Following the completion of the transaction, the director owned 6,137 shares of the company’s stock, valued at approximately $524,958.98. This represents a 8.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dafna Sharir sold 1,601 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the sale, the director owned 3,238 shares of the company’s stock, valued at approximately $277,269.94. This trade represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,329 shares of company stock worth $423,443 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Ormat Technologies Price Performance

NYSE:ORA opened at $89.45 on Thursday. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 43.42, a PEG ratio of 4.25 and a beta of 0.64. Ormat Technologies, Inc. has a 1 year low of $61.58 and a 1 year high of $91.81. The business has a 50 day simple moving average of $82.82 and a 200-day simple moving average of $73.94. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.90.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.58 by $0.10. The company had revenue of $229.76 million for the quarter, compared to the consensus estimate of $228.33 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. Ormat Technologies’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. Equities analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a yield of 0.54%. Ormat Technologies’s payout ratio is 23.30%.

Analyst Ratings Changes

Several brokerages recently weighed in on ORA. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $75.00 to $85.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. UBS Group lifted their price objective on Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Wall Street Zen raised Ormat Technologies from a “sell” rating to a “hold” rating in a report on Monday, April 7th. Barclays lifted their price objective on Ormat Technologies from $86.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Finally, Robert W. Baird upgraded Ormat Technologies from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $87.00 to $103.00 in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.25.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.