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

Key Points

• Ormat Technologies, Inc. has received a consensus rating of "Moderate Buy" from twelve analysts, with an average 12-month price target of $93.30.
• The company recently reported $0.48 EPS for the quarter, surpassing analysts' expectations of $0.37, with revenue up 9.9% compared to last year.
• Ormat has declared a quarterly dividend of $0.12 per share, providing investors with an annual yield of 0.5%.

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twelve analysts that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $93.30.

ORA has been the subject of a number of research reports. TD Cowen raised their price objective on Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a research note on Friday, August 8th. Barclays decreased their price target on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Cowen reissued a "hold" rating on shares of Ormat Technologies in a research report on Friday, August 8th. UBS Group increased their price target on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Piper Sandler increased their price target on Ormat Technologies from $78.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, August 19th.

Ormat Technologies Trading Up 0.1%

Shares of Ormat Technologies stock opened at $91.04 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $95.36. The stock has a 50 day moving average price of $88.91 and a two-hundred day moving average price of $78.33. The stock has a market capitalization of $5.53 billion, a PE ratio of 42.34, a price-to-earnings-growth ratio of 4.27 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm had revenue of $234.02 million during the quarter, compared to analysts' expectations of $225.26 million. During the same quarter last year, the firm posted $0.37 earnings per share. The company's revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, equities analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 20th. Ormat Technologies's dividend payout ratio is presently 22.33%.

Insiders Place Their Bets

In related news, Director Dafna Sharir sold 1,601 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the sale, the director directly owned 3,238 shares of the company's stock, valued at approximately $277,269.94. This represents a 33.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Assi Ginzburg sold 7,066 shares of Ormat Technologies stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $94.71, for a total value of $669,220.86. Following the sale, the chief financial officer owned 33,825 shares in the company, valued at $3,203,565.75. This trade represents a 17.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,976 shares of company stock worth $1,105,067 in the last three months. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Ormat Technologies

A number of hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC bought a new stake in Ormat Technologies during the second quarter worth $1,148,000. Tower Research Capital LLC TRC lifted its holdings in Ormat Technologies by 247.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,180 shares of the energy company's stock worth $685,000 after acquiring an additional 5,829 shares during the period. Firsthand Capital Management Inc. bought a new stake in Ormat Technologies during the second quarter worth $168,000. State of Tennessee Department of Treasury raised its stake in shares of Ormat Technologies by 168.0% in the second quarter. State of Tennessee Department of Treasury now owns 28,244 shares of the energy company's stock valued at $2,366,000 after buying an additional 17,705 shares during the period. Finally, Vident Advisory LLC raised its stake in shares of Ormat Technologies by 14.7% in the second quarter. Vident Advisory LLC now owns 3,684 shares of the energy company's stock valued at $309,000 after buying an additional 472 shares during the period. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.

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