Proficio Capital Partners LLC Purchases New Shares in Ormat Technologies, Inc. (NYSE:ORA)

Proficio Capital Partners LLC purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,309 shares of the energy company’s stock, valued at approximately $766,000.

A number of other institutional investors have also made changes to their positions in ORA. State of Alaska Department of Revenue raised its holdings in shares of Ormat Technologies by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 6,221 shares of the energy company’s stock valued at $478,000 after buying an additional 420 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Ormat Technologies by 4.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 26,554 shares of the energy company’s stock valued at $2,043,000 after buying an additional 1,125 shares during the last quarter. Empower Advisory Group LLC raised its holdings in Ormat Technologies by 4.5% during the 3rd quarter. Empower Advisory Group LLC now owns 194,680 shares of the energy company’s stock worth $14,979,000 after purchasing an additional 8,403 shares during the last quarter. Nicola Wealth Management LTD. raised its holdings in Ormat Technologies by 10.0% during the 3rd quarter. Nicola Wealth Management LTD. now owns 44,000 shares of the energy company’s stock worth $3,385,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Mizuho Markets Americas LLC raised its holdings in Ormat Technologies by 5.8% during the 3rd quarter. Mizuho Markets Americas LLC now owns 151,211 shares of the energy company’s stock worth $11,634,000 after purchasing an additional 8,317 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $70.64 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The stock has a market cap of $4.27 billion, a PE ratio of 36.04, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The stock has a 50-day moving average of $66.51 and a 200-day moving average of $73.06. Ormat Technologies, Inc. has a one year low of $59.41 and a one year high of $84.30.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.68%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.53%.

Insider Activity

In related news, Director David Granot sold 1,666 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total value of $114,954.00. Following the completion of the transaction, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. The trade was a 46.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ORA. Piper Sandler began coverage on Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $73.00 to $78.00 in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

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.