Norges Bank Takes $62.85 Million Position in Ormat Technologies, Inc. (NYSE:ORA)

Norges Bank purchased a new stake in shares of Ormat Technologies, Inc. (NYSE:ORA - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 928,101 shares of the energy company's stock, valued at approximately $62,851,000. Norges Bank owned 1.53% of Ormat Technologies as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ORA. Principal Financial Group Inc. raised its stake in shares of Ormat Technologies by 5.6% in the fourth quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company's stock valued at $8,933,000 after acquiring an additional 7,025 shares during the period. Vanguard Group Inc. grew its holdings in Ormat Technologies by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock valued at $409,305,000 after purchasing an additional 274,540 shares during the last quarter. Element Capital Management LLC purchased a new stake in Ormat Technologies in the 4th quarter worth about $2,113,000. Daiwa Securities Group Inc. bought a new stake in Ormat Technologies in the fourth quarter worth about $752,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Ormat Technologies by 6.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company's stock worth $41,914,000 after purchasing an additional 39,689 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ormat Technologies

In related news, insider Jessica Woelfel sold 409 shares of the business'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 transaction of $29,509.35. Following the completion of the transaction, the insider now owns 6,094 shares in the company, valued at $439,682.10. The trade was a 6.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Granot sold 1,666 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were 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 of the company's stock, 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. Over the last ninety days, insiders sold 2,242 shares of company stock valued at $156,427. 1.00% of the stock is currently owned by insiders.

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Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ORA shares. Piper Sandler assumed coverage on Ormat Technologies in a report on Thursday, December 19th. They issued a "neutral" rating and a $78.00 price target on the stock. StockNews.com upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday. Baird R W upgraded Ormat Technologies to a "hold" rating in a research report on Thursday, March 13th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 28th. Finally, Robert W. Baird started coverage on shares of Ormat Technologies in a report on Thursday, March 13th. They set a "neutral" rating and a $81.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $83.56.

Ormat Technologies Stock Down 2.8 %

Shares of NYSE:ORA traded down $1.91 on Tuesday, reaching $66.37. The company had a trading volume of 724,239 shares, compared to its average volume of 495,424. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $4.02 billion, a PE ratio of 33.86, a PEG ratio of 3.18 and a beta of 0.52. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-week high of $84.30. The firm's 50 day simple moving average is $68.26 and its 200-day simple moving average is $72.52.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders 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 yield of 0.72%. Ormat Technologies's dividend payout ratio is presently 23.53%.

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.