Element Capital Management LLC Purchases New Shares in Ormat Technologies, Inc. (NYSE:ORA)

Element Capital Management LLC bought a new position in Ormat Technologies, Inc. (NYSE:ORA) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 31,200 shares of the energy company’s stock, valued at approximately $2,113,000. Ormat Technologies makes up approximately 20.9% of Element Capital Management LLC’s portfolio, making the stock its 2nd biggest holding. Element Capital Management LLC owned 0.05% of Ormat Technologies at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Northwest & Ethical Investments L.P. boosted its holdings in Ormat Technologies by 53.2% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 52,757 shares of the energy company’s stock worth $3,573,000 after acquiring an additional 18,310 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Ormat Technologies by 7.0% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,689 shares of the energy company’s stock worth $859,000 after acquiring an additional 829 shares in the last quarter. Xponance Inc. boosted its holdings in Ormat Technologies by 20.0% in the fourth quarter. Xponance Inc. now owns 8,757 shares of the energy company’s stock worth $593,000 after acquiring an additional 1,462 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Ormat Technologies by 6.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 13,617 shares of the energy company’s stock worth $922,000 after acquiring an additional 878 shares in the last quarter. Finally, Cibc World Markets Corp bought a new stake in Ormat Technologies in the fourth quarter worth $366,000. 95.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on ORA shares. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and boosted their target price for the stock from $73.00 to $78.00 in a report on Thursday, February 20th. 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. JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 28th. 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. Finally, Baird R W upgraded Ormat Technologies to a “hold” rating in a research note on Thursday, March 13th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Ormat Technologies has an average rating of “Hold” and an average price target of $82.67.

Ormat Technologies Stock Down 0.4 %

Ormat Technologies stock opened at $71.80 on Thursday. The stock has a market cap of $4.34 billion, a PE ratio of 36.63, 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 one year low of $59.41 and a one year high of $84.30. The stock has a fifty day moving average of $67.04 and a 200 day moving average of $72.95.

Ormat Technologies Announces Dividend

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

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the company’s stock in a transaction dated 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 sale, the director now owns 1,910 shares in the company, valued at $131,790. This represents a 46.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.00% of the company’s stock.

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.