Proficio Capital Partners LLC Takes $766,000 Position in Ormat Technologies, Inc. (NYSE:ORA)

Proficio Capital Partners LLC acquired a new position in Ormat Technologies, Inc. (NYSE:ORA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,309 shares of the energy company's stock, valued at approximately $766,000.

Several other hedge funds have also recently made changes to their positions in the business. Global Alpha Capital Management Ltd. raised its position in shares of Ormat Technologies by 6.1% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company's stock worth $188,125,000 after acquiring an additional 140,882 shares in the last quarter. Impax Asset Management Group plc grew its stake in shares of Ormat Technologies by 7.3% in 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 buying an additional 163,505 shares during the period. Geode Capital Management LLC grew its stake in shares of Ormat Technologies by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company's stock valued at $100,140,000 after buying an additional 22,714 shares during the period. Y.D. More Investments Ltd grew its stake in shares of 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 grew its stake 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 during the period. 95.49% of the stock is owned by institutional investors.

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Ormat Technologies Stock Performance

Shares of NYSE:ORA traded up $1.26 during mid-day trading on Friday, reaching $70.64. The company had a trading volume of 606,190 shares, compared to its average volume of 466,015. 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 cap of $4.27 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 3.18 and a beta of 0.51. The company's 50-day moving average price is $66.51 and its 200-day moving average price is $73.06. Ormat Technologies, Inc. has a one year low of $59.41 and a one year high of $84.30.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.68%. Ormat Technologies's dividend payout ratio (DPR) is presently 23.53%.

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the business's stock in a transaction 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 sale, the director now owns 1,910 shares of the company's stock, valued at $131,790. The trade was a 46.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the business's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ORA. Piper Sandler began coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a "neutral" rating and a $78.00 target price for the company. JPMorgan Chase & Co. raised their target price on 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 upgraded Ormat Technologies from a "hold" rating to a "buy" rating and raised their target price for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $82.88.

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.