Ormat Technologies, Inc. (NYSE:ORA) Sees Large Drop in Short Interest

Ormat Technologies, Inc. (NYSE:ORA) saw a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 706,400 shares, a decrease of 11.3% from the August 15th total of 796,500 shares. Currently, 1.5% of the company’s stock are short sold. Based on an average daily trading volume, of 182,600 shares, the short-interest ratio is currently 3.9 days.

In other Ormat Technologies news, Director Ravit Barniv sold 5,786 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $73.00, for a total transaction of $422,378.00. Following the completion of the sale, the director now owns 6,545 shares in the company, valued at $477,785. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Bob Sullivan sold 13,212 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $72.48, for a total value of $957,605.76. Following the sale, the executive vice president now owns 18,478 shares of the company’s stock, valued at approximately $1,339,285.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,712 shares of company stock valued at $2,582,976. 0.63% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Prudential Financial Inc. lifted its holdings in shares of Ormat Technologies by 3.8% during the 2nd quarter. Prudential Financial Inc. now owns 4,367 shares of the energy company’s stock valued at $277,000 after purchasing an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Ormat Technologies by 20.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,383 shares of the energy company’s stock valued at $88,000 after purchasing an additional 233 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Ormat Technologies by 12.2% during the 2nd quarter. Royal Bank of Canada now owns 3,653 shares of the energy company’s stock valued at $230,000 after purchasing an additional 398 shares during the last quarter. Rhumbline Advisers raised its stake in Ormat Technologies by 0.7% in the 1st quarter. Rhumbline Advisers now owns 59,172 shares of the energy company’s stock worth $3,263,000 after acquiring an additional 429 shares during the last quarter. Finally, Clearbridge Investments LLC raised its stake in Ormat Technologies by 0.8% in the 1st quarter. Clearbridge Investments LLC now owns 79,226 shares of the energy company’s stock worth $4,369,000 after acquiring an additional 660 shares during the last quarter. Hedge funds and other institutional investors own 74.93% of the company’s stock.

Ormat Technologies stock traded up $0.38 during mid-day trading on Monday, reaching $74.43. 57,616 shares of the company were exchanged, compared to its average volume of 200,698. The business has a fifty day moving average of $72.63 and a 200 day moving average of $63.19. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.35 and a current ratio of 1.49. The firm has a market cap of $3.82 billion, a P/E ratio of 35.78, a PEG ratio of 3.85 and a beta of 1.06. Ormat Technologies has a 12-month low of $49.01 and a 12-month high of $75.91.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, August 7th. The energy company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.31 by $0.09. Ormat Technologies had a return on equity of 6.07% and a net margin of 11.98%. The firm had revenue of $184.10 million during the quarter, compared to analyst estimates of $175.60 million. During the same quarter in the prior year, the business posted $0.32 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts predict that Ormat Technologies will post 1.77 EPS for the current year.

A number of analysts have weighed in on ORA shares. UBS Group upped their target price on Ormat Technologies from $59.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Roth Capital upped their target price on Ormat Technologies from $67.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Ormat Technologies has a consensus rating of “Hold” and a consensus price target of $70.33.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, New Zealand, and internationally. The company operates through three segments: Electricity, Product, and Other. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity.

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