David Granot, a director at Ormat Technologies, Inc. (NYSE:ORA), a $4.85 billion market cap company trading at a P/E ratio of 40.8x, recently sold a portion of his holdings in the company. According to InvestingPro data, the company has maintained dividend payments for 20 consecutive years, currently yielding 0.59%. According to a filing with the Securities and Exchange Commission, Granot sold 1,256 shares of common stock on December 2, 2024, at a price of $82 per share. This transaction amounted to a total value of $102,992. Following this sale, Granot retains ownership of 3,576 shares in the company. The sale was executed in the open market, as noted in the filing. The stock currently trades near its 52-week high of $84.30, with InvestingPro analysis indicating the stock is trading above its Fair Value. Subscribers can access 6 additional ProTips and a comprehensive Pro Research Report for deeper insights into Ormat Technologies' valuation and growth prospects.
In other recent news, Ormat Technologies has reported robust financial growth with revenues rising by 21%, earnings per diluted share increasing by 25.5%, and a 14.4% boost in adjusted EBITDA. Additionally, the company has raised its EBITDA guidance to the higher end of its range. Ormat has also initiated operations at its largest energy storage facility, the Bottleneck project, located in California's Central Valley (NASDAQ:CVCY). In terms of strategic developments, Ormat has entered into two seven-year tolling agreements with Equilibrium Energy for energy storage facilities in Texas, marking its initial entry into the ERCOT market.
Furthermore, Ormat has signed a 15-year agreement with the City of Riverside, expanding its footprint in the energy storage market. This deal pertains to Ormat's 80MW/320MWh Shirk Battery Energy Storage System in Visalia, California. On the analyst front, Citi raised the price target for Ormat Technologies shares to $87, while maintaining a Neutral rating. Similarly, Roth/MKM has increased its price target for Ormat shares to $87, maintaining a Buy rating, and Oppenheimer has adjusted its price target for Ormat shares to $85, maintaining an Outperform rating. These are the latest developments from Ormat Technologies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.