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Jessica Woelfel, General Counsel at Ormat Technologies, Inc. (NYSE:ORA), recently sold shares in the company, according to a filing with the Securities and Exchange Commission. The transaction, dated March 24, involved the sale of 167 shares of common stock at a price of $71.64 per share, totaling approximately $11,963. The sale occurred as the stock trades near $71.22, roughly 15% below its 52-week high of $84.30. InvestingPro analysis indicates the company is currently trading at a premium to its Fair Value.
The sale was conducted to cover tax obligations related to the vesting of Restricted Stock Units (RSUs) on March 21. On the same day, Woelfel acquired 563 shares through the vesting of these RSUs, which were part of a grant made in 2023. Following these transactions, Woelfel holds 6,490 shares directly in the $4.31 billion market cap company. InvestingPro data shows Ormat has maintained dividend payments for 21 consecutive years, with subscribers having access to 5+ additional key insights about the company’s financial health and valuation.
In other recent news, Ormat Technologies reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $0.72, which significantly surpassed the forecasted $0.51. Despite this strong performance in earnings, the company reported a revenue of $230.7 million, which fell short of the expected $236.45 million. The earnings announcement was met with a positive response from investors, as indicated by the rise in Ormat’s stock. Additionally, Ormat is preparing for a change in its board composition, with director Mike Nikkel set to depart following the 2025 annual meeting. This move follows the conclusion of a governance agreement with ORIX Corporation, which involved ORIX’s right to nominate a director. In line with ORIX’s guidelines, Nikkel will step down, marking a transition in Ormat’s board leadership. These developments highlight a period of financial and structural adjustments for the company.
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