Element Capital Management LLC Invests $2.11 Million in Ormat Technologies, Inc. (NYSE:ORA)

Element Capital Management LLC acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 31,200 shares of the energy company’s stock, valued at approximately $2,113,000. Ormat Technologies accounts for approximately 20.9% of Element Capital Management LLC’s portfolio, making the stock its 2nd largest holding.

A number of other hedge funds have also recently made changes to their positions in the business. Pacer Advisors Inc. boosted its stake in Ormat Technologies by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock valued at $544,000 after buying an additional 160 shares during the last quarter. Bailard Inc. boosted its stake in Ormat Technologies by 0.9% during the fourth quarter. Bailard Inc. now owns 19,446 shares of the energy company’s stock valued at $1,317,000 after buying an additional 169 shares during 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 during the last quarter. Versant Capital Management Inc boosted its stake in Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after buying an additional 229 shares during the last quarter. Finally, Caprock Group LLC boosted its stake in Ormat Technologies by 4.0% during the fourth quarter. Caprock Group LLC now owns 6,080 shares of the energy company’s stock valued at $412,000 after buying an additional 235 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ORA shares. Robert W. Baird started coverage on Ormat Technologies in a research note on Thursday, March 13th. They set a “neutral” rating and a $81.00 price target for the company. Piper Sandler initiated coverage on Ormat Technologies in a research note on Thursday, December 19th. They set 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 upped their price objective for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Baird R W upgraded Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $82.67.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 1,666 shares of the 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 sale, the director now directly owns 1,910 shares in the company, valued at approximately $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 can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Ormat Technologies Trading Down 0.4 %

Shares of NYSE ORA opened at $71.80 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The business’s 50 day moving average price is $67.04 and its 200-day moving average price is $72.95. Ormat Technologies, Inc. has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The company has a market cap of $4.34 billion, a price-to-earnings ratio of 36.63, a PEG ratio of 3.18 and a beta of 0.51.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders 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 annualized dividend and a dividend yield of 0.67%. Ormat Technologies’s payout ratio is 23.53%.

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.