Proficio Capital Partners LLC Makes New $766,000 Investment in Ormat Technologies, Inc. (NYSE:ORA)

Proficio Capital Partners LLC bought a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,309 shares of the energy company’s stock, valued at approximately $766,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Impax Asset Management Group plc lifted its position in shares of Ormat Technologies by 7.3% during the 4th quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock valued at $162,586,000 after acquiring an additional 163,505 shares during the period. Geode Capital Management LLC lifted its position in Ormat Technologies by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company’s stock worth $100,140,000 after purchasing an additional 22,714 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Ormat Technologies by 6.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company’s stock worth $41,914,000 after buying an additional 39,689 shares in the last quarter. Y.D. More Investments Ltd increased its holdings in Ormat Technologies by 13.2% in the 4th quarter. Y.D. More Investments Ltd now owns 524,416 shares of the energy company’s stock valued at $36,030,000 after buying an additional 61,236 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Ormat Technologies by 8.6% in the 4th quarter. Van ECK Associates Corp now owns 418,653 shares of the energy company’s stock valued at $28,352,000 after buying an additional 33,279 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total value of $29,509.35. Following the sale, the insider now owns 6,094 shares in the company, valued at $439,682.10. This represents a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Granot sold 1,666 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now owns 1,910 shares in the company, valued at approximately $131,790. This trade represents a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ORA has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 28th. Baird R W raised Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. Piper Sandler began coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective on the stock. Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and lifted their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Finally, Robert W. Baird initiated coverage on shares of Ormat Technologies in a report on Thursday, March 13th. They issued a “neutral” rating and a $81.00 target price for the company. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has an average rating of “Hold” and an average price target of $82.67.

Ormat Technologies Stock Down 0.5 %

Shares of NYSE:ORA opened at $71.67 on Friday. Ormat Technologies, Inc. has a 1 year low of $59.41 and a 1 year high of $84.30. 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 business’s 50-day moving average is $67.23 and its 200-day moving average is $72.93. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 36.57, a P/E/G ratio of 3.18 and a beta of 0.51.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Wednesday, March 12th. Ormat Technologies’s payout ratio is 23.53%.

About Ormat Technologies

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.