Northwest & Ethical Investments L.P. Buys 18,310 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Northwest & Ethical Investments L.P. boosted its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 53.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 52,757 shares of the energy company’s stock after purchasing an additional 18,310 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Ormat Technologies were worth $3,573,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in Ormat Technologies by 5.6% during the fourth quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company’s stock valued at $8,933,000 after purchasing an additional 7,025 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Ormat Technologies by 6.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company’s stock valued at $41,914,000 after purchasing an additional 39,689 shares in the last quarter. RWC Asset Management LLP boosted its position in Ormat Technologies by 348.9% during the fourth quarter. RWC Asset Management LLP now owns 165,599 shares of the energy company’s stock valued at $11,214,000 after purchasing an additional 128,705 shares in the last quarter. Empowered Funds LLC bought a new stake in Ormat Technologies during the fourth quarter valued at about $265,000. Finally, Natural Investments LLC bought a new stake in Ormat Technologies during the fourth quarter valued at about $1,346,000. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Up 0.5 %

Shares of NYSE:ORA opened at $72.09 on Friday. Ormat Technologies, Inc. has a 52-week low of $59.41 and a 52-week high of $84.30. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 36.78, a PEG 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. The business has a 50-day moving average price of $67.11 and a 200-day moving average price of $72.94.

Ormat Technologies Announces Dividend

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 given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Wednesday, March 12th. Ormat Technologies’s dividend payout ratio is currently 23.53%.

Insider Activity at Ormat Technologies

In related news, insider Jessica Woelfel sold 409 shares of Ormat Technologies stock in a transaction that occurred on Tuesday, March 18th. The stock was 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 directly owns 6,094 shares in the company, valued at approximately $439,682.10. This trade represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now owns 1,910 shares of the company’s stock, valued at approximately $131,790. This represents a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on ORA shares. Piper Sandler started coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target for the company. Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and increased their price target for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Robert W. Baird started coverage on Ormat Technologies in a research note on Thursday, March 13th. They issued a “neutral” rating and a $81.00 price target for the company. Baird R W upgraded Ormat Technologies to a “hold” rating in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. increased their price target on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Six investment 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, Ormat Technologies has an average rating of “Hold” and an average target price of $82.67.

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.