KLP Kapitalforvaltning AS Makes New Investment in Ormat Technologies, Inc. (NYSE:ORA)

KLP Kapitalforvaltning AS purchased a new position in shares of Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 87,900 shares of the energy company’s stock, valued at approximately $5,953,000.

Several other hedge funds have also made changes to their positions in the business. Pacer Advisors Inc. raised its position in shares of Ormat Technologies by 2.0% in the 4th quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock worth $544,000 after buying an additional 160 shares during the period. Bailard Inc. raised its stake in Ormat Technologies by 0.9% during the 4th quarter. Bailard Inc. now owns 19,446 shares of the energy company’s stock valued at $1,317,000 after acquiring an additional 169 shares in the last quarter. Securian Asset Management Inc. boosted its stake in Ormat Technologies by 5.1% during the fourth quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company’s stock valued at $295,000 after buying an additional 212 shares in the last quarter. Versant Capital Management Inc increased its stake in Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after purchasing an additional 229 shares in the last quarter. Finally, Caprock Group LLC lifted its position in shares of Ormat Technologies by 4.0% in the fourth quarter. Caprock Group LLC now owns 6,080 shares of the energy company’s stock worth $412,000 after purchasing an additional 235 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of ORA opened at $71.24 on Wednesday. The business’s 50 day moving average price is $67.42 and its two-hundred day moving average price is $72.90. The firm has a market cap of $4.31 billion, a PE ratio of 36.35, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-week high of $84.30.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Wednesday, March 12th. Ormat Technologies’s dividend payout ratio is 23.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ORA shares. Baird R W raised shares of Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Jefferies Financial Group raised their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday. 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 for the company. JPMorgan Chase & Co. boosted their price target on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. Finally, Robert W. Baird initiated coverage on shares of Ormat Technologies in a research report on Thursday, March 13th. They set a “neutral” rating and a $81.00 price objective for the company. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $83.56.

Insider Activity at Ormat Technologies

In other news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was 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 in the company, valued at approximately $439,682.10. This represents a 6.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Granot sold 1,666 shares of Ormat Technologies 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 completion of the transaction, the director now directly owns 1,910 shares in the company, valued at $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 90 days, insiders sold 2,242 shares of company stock worth $156,427. 1.00% of the stock is owned by company insiders.

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.