87,900 Shares in Ormat Technologies, Inc. (NYSE:ORA) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 87,900 shares of the energy company's stock, valued at approximately $5,953,000. KLP Kapitalforvaltning AS owned approximately 0.15% of Ormat Technologies as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in shares of Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company's stock valued at $27,000 after buying an additional 229 shares in the last quarter. AlphaQuest LLC lifted its position in Ormat Technologies by 4,691.7% in the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company's stock valued at $39,000 after acquiring an additional 563 shares during the last quarter. Mendota Financial Group LLC acquired a new position in Ormat Technologies in the fourth quarter valued at $98,000. Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Ormat Technologies during the fourth quarter worth about $182,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Ormat Technologies during the fourth quarter worth about $204,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ORA. Baird R W raised Ormat Technologies to a "hold" rating in a research report on Thursday, March 13th. Piper Sandler assumed coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a "neutral" rating and a $78.00 target price on the stock. JPMorgan Chase & Co. upped their price target 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. Jefferies Financial Group raised their price target on Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Robert W. Baird initiated coverage on Ormat Technologies in a research note on Thursday, March 13th. They set a "neutral" rating and a $81.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $83.56.

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Ormat Technologies Price Performance

Shares of Ormat Technologies stock traded up $0.44 during trading on Friday, reaching $70.55. The company's stock had a trading volume of 316,683 shares, compared to its average volume of 489,062. The business has a 50 day moving average price of $67.59 and a 200-day moving average price of $72.85. Ormat Technologies, Inc. has a 12-month low of $59.41 and a 12-month high of $84.30. The company has a market capitalization of $4.27 billion, a P/E ratio of 36.00, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Wednesday, March 12th. Ormat Technologies's dividend payout ratio is currently 23.53%.

Insiders Place Their Bets

In related 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 value of $114,954.00. Following the sale, the director now owns 1,910 shares in the company, valued at $131,790. This represents a 46.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jessica Woelfel sold 409 shares of the firm's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total value of $29,509.35. Following the completion of the transaction, the insider now directly owns 6,094 shares of the company's stock, valued at $439,682.10. The trade was a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,242 shares of company stock worth $156,427. 1.00% of the stock is owned by company insiders.

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.