Neuberger Berman Group LLC Cuts Stake in Ormat Technologies, Inc. (NYSE:ORA)

September 18, 2022 Liana

Neuberger Berman Group LLC trimmed its position in shares of Ormat Technologies, Inc. (NYSE:ORA – Get Rating) by 2.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 921,266 shares of the energy company’s stock after selling 24,243 shares during the period. Neuberger Berman Group LLC’s holdings in Ormat Technologies were worth $75,302,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ORA. Signaturefd LLC grew its position in Ormat Technologies by 77.6% during the 1st quarter. Signaturefd LLC now owns 451 shares of the energy company’s stock valued at $37,000 after purchasing an additional 197 shares during the last quarter. Prospera Financial Services Inc bought a new position in Ormat Technologies during the 1st quarter valued at about $41,000. AlphaMark Advisors LLC bought a new position in Ormat Technologies during the 1st quarter valued at about $56,000. Point72 Hong Kong Ltd bought a new position in Ormat Technologies during the 1st quarter valued at about $177,000. Finally, Wetherby Asset Management Inc. bought a new position in Ormat Technologies during the 4th quarter valued at about $201,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 455 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $93.00, for a total transaction of $42,315.00. Following the completion of the sale, the director now directly owns 2,922 shares of the company’s stock, valued at approximately $271,746. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Ormat Technologies news, Director David Granot sold 455 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $93.00, for a total transaction of $42,315.00. Following the completion of the sale, the director now directly owns 2,922 shares of the company’s stock, valued at approximately $271,746. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Shimon Hatzir sold 4,526 shares of the firm’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $97.20, for a total transaction of $439,927.20. The disclosure for this sale can be found here. Insiders sold a total of 12,481 shares of company stock valued at $1,208,617 in the last three months. 1.30% of the stock is currently owned by corporate insiders.

Ormat Technologies Price Performance

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NYSE ORA opened at $95.44 on Friday. Ormat Technologies, Inc. has a 12 month low of $60.32 and a 12 month high of $98.11. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 84.46, a PEG ratio of 6.73 and a beta of 0.47. The company’s 50 day moving average is $89.71 and its two-hundred day moving average is $82.52. The company has a current ratio of 1.66, a quick ratio of 1.57 and a debt-to-equity ratio of 0.82.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Tuesday, August 16th. Ormat Technologies’ dividend payout ratio (DPR) is currently 42.48%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ORA. StockNews.com upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 4th. Cowen upped their target price on shares of Ormat Technologies to $84.00 in a research note on Tuesday, August 9th. Oppenheimer upped their target price on shares of Ormat Technologies from $85.00 to $97.00 and gave the company an “outperform” rating in a research note on Monday, August 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Ormat Technologies from $90.00 to $97.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Hold” and a consensus target price of $88.25.

About Ormat Technologies

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Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through 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.

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