928,101 Shares in Ormat Technologies, Inc. (NYSE:ORA) Bought by Norges Bank

Norges Bank purchased a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 928,101 shares of the energy company’s stock, valued at approximately $62,851,000.

A number of other hedge funds also recently bought and sold shares of ORA. Versant Capital Management Inc increased its stake in shares of Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after buying an additional 229 shares during the period. AlphaQuest LLC grew its holdings in Ormat Technologies by 4,691.7% during the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after acquiring an additional 563 shares in the last quarter. Mendota Financial Group LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter valued at approximately $98,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of Ormat Technologies in the 4th quarter valued at $182,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Ormat Technologies during the 4th quarter worth $204,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $70.85 on Friday. The firm’s fifty day simple moving average is $67.99 and its 200-day simple moving average is $72.76. Ormat Technologies, Inc. has a 12 month low of $59.41 and a 12 month high of $84.30. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 3.18 and a beta of 0.52. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.68%. Ormat Technologies’s payout ratio is 23.53%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Piper Sandler initiated coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target on the stock. Baird R W raised Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Robert W. Baird started coverage on Ormat Technologies in a research note on Thursday, March 13th. They set a “neutral” rating and a $81.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Finally, Jefferies Financial Group boosted their price objective on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, March 25th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $83.56.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 1,666 shares of the company’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 transaction of $114,954.00. Following the completion of the sale, the director now owns 1,910 shares in the company, valued at $131,790. This represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jessica Woelfel sold 409 shares of Ormat Technologies stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the transaction, the insider now owns 6,094 shares in the company, valued at approximately $439,682.10. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,242 shares of company stock worth $156,427. Company insiders own 1.00% of the company’s stock.

Ormat Technologies 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.