Citigroup Inc. Decreases Holdings in Ormat Technologies, Inc. (NYSE:ORA)

Citigroup Inc. lowered its position in shares of Ormat Technologies, Inc. (NYSE:ORA – Get Rating) by 31.4% during the fourth quarter, Holdings Channel reports. The firm owned 47,064 shares of the energy company’s stock after selling 21,587 shares during the quarter. Citigroup Inc.’s holdings in Ormat Technologies were worth $4,070,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd acquired a new position in Ormat Technologies in the 4th quarter valued at about $31,000. Belpointe Asset Management LLC acquired a new position in Ormat Technologies during the 4th quarter worth approximately $36,000. IFP Advisors Inc increased its position in Ormat Technologies by 30.0% during the 3rd quarter. IFP Advisors Inc now owns 533 shares of the energy company’s stock worth $27,000 after purchasing an additional 123 shares during the period. Edmond DE Rothschild Holding S.A. boosted its stake in shares of Ormat Technologies by 269.0% during the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 738 shares of the energy company’s stock worth $64,000 after acquiring an additional 538 shares in the last quarter. Finally, Toroso Investments LLC boosted its stake in shares of Ormat Technologies by 15.8% during the 3rd quarter. Toroso Investments LLC now owns 1,065 shares of the energy company’s stock worth $91,000 after acquiring an additional 145 shares in the last quarter. Institutional investors and hedge funds own 81.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ORA shares. Oppenheimer reduced their price target on Ormat Technologies from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Roth Mkm dropped their price objective on Ormat Technologies from $104.00 to $93.00 and set a “neutral” rating for the company in a report on Monday, February 27th. UBS Group upgraded Ormat Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $105.00 in a report on Wednesday, March 1st. Citigroup dropped their price objective on Ormat Technologies from $91.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, March 27th. Finally, StockNews.com began coverage on Ormat Technologies in a report on Thursday. They set a “sell” rating for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $92.33.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $83.48 on Monday. The company has a current ratio of 2.07, a quick ratio of 1.96 and a debt-to-equity ratio of 0.71. The company’s 50-day moving average price is $84.49 and its two-hundred day moving average price is $88.17. Ormat Technologies, Inc. has a 52 week low of $67.28 and a 52 week high of $101.81. The stock has a market cap of $4.98 billion, a PE ratio of 61.84, a price-to-earnings-growth ratio of 3.97 and a beta of 0.46.

Ormat Technologies (NYSE:ORA – Get Rating) last posted its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. Ormat Technologies had a return on equity of 4.86% and a net margin of 10.39%. The firm had revenue of $185.20 million for the quarter, compared to the consensus estimate of $212.86 million. During the same quarter in the previous year, the company earned $0.35 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ormat Technologies, Inc. will post 2.1 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, May 22nd. This represents a $0.48 annualized dividend and a dividend yield of 0.57%. Ormat Technologies’s payout ratio is 35.56%.

Ormat Technologies Company Profile

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Ormat Technologies, Inc operates as a holding company. The firm engages in the geothermal and recovered energy power businesses. It operates through the following segments: Electricity, Product and Energy Storage. The Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements.