Ormat Technologies, Inc. (NYSE:ORA) Stock Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analysts rate Ormat Technologies “Moderate Buy.” Among 16 brokerages, eight recommend buying, one strongly recommends buying, six rate it a hold, and one recommends selling; the average 12-month price target is $127.62.
• 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.
• The stock opened at $91.84, well below its 12-month high of $146.39, while institutional investors own approximately 95.5% of outstanding shares. The company also pays a quarterly dividend of $0.12, yielding about 0.5% annually.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) has been given an average recommendation of "Moderate Buy" by the sixteen brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $127.62.

A number of equities research analysts have recently issued reports on the stock. Sanford C. Bernstein raised shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price target on the stock in a report on Friday, September 4th. Royal Bank Of Canada restated an "outperform" rating and issued a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Jefferies Financial Group reissued a "hold" rating and set a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research report on Thursday, October 15th. Finally, Barclays lowered their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating on the stock in a research note on Monday, August 10th.

Ormat Technologies Stock Performance

NYSE ORA opened at $91.84 on Tuesday. The firm has a market cap of $5.65 billion, a P/E ratio of 45.24, a price-to-earnings-growth ratio of 3.47 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The company's 50 day moving average is $94.63 and its 200-day moving average is $111.42. Ormat Technologies has a 12-month low of $85.77 and a 12-month high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. During the same period last year, the firm earned $0.48 EPS. Ormat Technologies's revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts predict that Ormat Technologies will post 2.69 earnings per share for the current year.

Ormat Technologies Announces Dividend

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

Institutional Trading of Ormat Technologies

Several institutional investors and hedge funds have recently made changes to their positions in ORA. Main Street Group LTD purchased a new stake in shares of Ormat Technologies in the 1st quarter valued at $29,000. Quantbot Technologies LP bought a new position in shares of Ormat Technologies during the 2nd quarter valued at $33,000. Allworth Financial LP bought a new position in shares of Ormat Technologies during the 2nd quarter valued at $40,000. Public Employees Retirement System of Ohio purchased a new position in Ormat Technologies in the 2nd quarter worth $46,000. Finally, V Square Quantitative Management LLC purchased a new position in Ormat Technologies in the 1st quarter worth $49,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

About Ormat Technologies

Ormat Technologies, Inc NYSE: ORA develops, owns, and operates renewable and alternative energy projects. The company's principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.

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