Ormat Technologies, Inc. (NYSE:ORA) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analyst consensus is “Moderate Buy” for Ormat Technologies, with seven buy ratings, six holds and one strong buy. The average 12-month price target is $130.75.
• Ormat reported quarterly EPS of $0.50, exceeding the $0.26 consensus estimate, while revenue rose 10.6% year over year to $258.76 million.
• Shares opened at $88.62, near their 52-week low, while the company maintains a quarterly dividend of $0.12 per share, or a 0.5% annualized yield.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fourteen analysts that are currently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $130.75.

A number of equities analysts have recently weighed in on ORA shares. JPMorgan Chase & Co. increased their target price on Ormat Technologies from $122.00 to $131.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 9th. Barclays dropped their price objective on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a research note on Monday, August 10th. Sanford C. Bernstein upgraded shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 target price on the stock in a research report on Friday, September 4th. Oppenheimer lifted their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, September 9th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $117.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $88.62 on Friday. Ormat Technologies has a one year low of $87.06 and a one year high of $146.39. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The stock has a market cap of $5.45 billion, a P/E ratio of 43.66, a P/E/G ratio of 3.42 and a beta of 0.90. The company has a fifty day moving average price of $100.85 and a two-hundred day moving average price of $112.53.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same quarter in the previous year, the business earned $0.48 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Ormat Technologies will post 2.63 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies's payout ratio is presently 23.65%.

Institutional Investors Weigh In On Ormat Technologies

A number of institutional investors have recently made changes to their positions in ORA. Glenmede Trust Co. NA increased its stake in Ormat Technologies by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company's stock valued at $274,000 after buying an additional 81 shares during the last quarter. State of Wyoming boosted its stake in shares of Ormat Technologies by 6.7% in the 4th quarter. State of Wyoming now owns 2,091 shares of the energy company's stock worth $231,000 after buying an additional 131 shares during the last quarter. Evexia Wealth LLC grew its holdings in shares of Ormat Technologies by 2.8% in the first quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock valued at $610,000 after acquiring an additional 149 shares in the last quarter. Corient Private Wealth LP grew its holdings in shares of Ormat Technologies by 5.7% in the second quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company's stock valued at $334,000 after acquiring an additional 164 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Ormat Technologies by 31.9% during the first quarter. EverSource Wealth Advisors LLC now owns 694 shares of the energy company's stock valued at $78,000 after acquiring an additional 168 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company's primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat's portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.

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