Ormat Technologies, Inc. (NYSE:ORA) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Wall Street sentiment is positive on Ormat Technologies, with 12 analysts giving the stock a consensus rating of “Moderate Buy.” The average 12-month price target is about $131.64.
• The company beat quarterly expectations, reporting EPS of $1.30 versus $0.92 expected and revenue of $403.91 million, up 75.8% year over year. Analysts now expect full-year EPS of 2.28.
• Ormat also announced a quarterly dividend of $0.12 per share, payable June 3, for an annualized yield of about 0.4%. Insider selling occurred recently, but institutional investors still own 95.49% of the stock.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) has received a consensus rating of "Moderate Buy" from the twelve analysts that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $131.6364.

Several brokerages have recently commented on ORA. TD Cowen lowered their price objective on Ormat Technologies from $131.00 to $125.00 and set a "buy" rating on the stock in a research report on Friday, February 27th. Roth Mkm restated a "buy" rating and issued a $135.00 price objective on shares of Ormat Technologies in a research report on Monday. Royal Bank Of Canada began coverage on Ormat Technologies in a research report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price objective on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research report on Tuesday, April 21st. Finally, UBS Group boosted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research report on Friday.

Insider Activity

In other news, insider Jessica Woelfel sold 2,359 shares of Ormat Technologies stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the sale, the insider directly owned 3,433 shares of the company's stock, valued at approximately $361,014.28. The trade was a 40.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dafna Sharir sold 883 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $122.44, for a total value of $108,114.52. Following the sale, the director directly owned 3,140 shares in the company, valued at $384,461.60. The trade was a 21.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 4,247 shares of company stock worth $461,735 over the last ninety days. Insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Ormat Technologies

Large investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies during the fourth quarter worth approximately $26,000. Main Street Group LTD bought a new stake in Ormat Technologies during the first quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Ormat Technologies during the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC increased its stake in Ormat Technologies by 245.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company's stock worth $33,000 after acquiring an additional 211 shares during the last quarter. Finally, Wolff Wiese Magana LLC bought a new stake in Ormat Technologies during the fourth quarter worth approximately $33,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $123.70 on Tuesday. The stock's 50-day simple moving average is $111.70 and its 200-day simple moving average is $113.69. Ormat Technologies has a 52 week low of $70.42 and a 52 week high of $132.58. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 60.05, a PEG ratio of 5.33 and a beta of 0.80. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. During the same period in the previous year, the business earned $0.68 earnings per share. The business's revenue was up 75.8% on a year-over-year basis. As a group, analysts expect that Ormat Technologies will post 2.28 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies's payout ratio is 23.30%.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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