Ormat Tech drops as Japan's Orix cuts stake in secondary offering
17/11/2022 12:54
** Ormat Technologies Inc's ORA.N shares down 8.9% at
$91.31 premarket after geothermal energy firm's secondary
offering prices
** Ormat late Weds announced sale of 3.75 mln shares by
Japanese financial services firm Orix Corp 8591.T at $90
urn:newsml:reuters.com:*:nGNX47fyh0
** Deal size increased from 3.5 mln shares, prices at 10.2%
discount to stock's last sale
** Orix reduces stake from 19.6% to ~13%, or 7.2 mln shares
** Orix remains top Ormat holder, followed by BlackRock
Institutional Trust with ~9.4% ownership, per Refinitiv
** Earlier this month, Ormat posted Q3 beat, projected
above-consensus FY22 rev of $720-$735 mln, per Refinitiv
urn:newsml:reuters.com:*:nTUA9ZRH2W
** Through Weds close, ORA shares have risen 26% YTD,
including ~11% gain in Nov
** Renewable energy cos have gotten a boost by recently
passed Inflation Reduction Act (IRA), which is intended to help
battle climate change
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))