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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Ormat Technologies, with eight buy ratings, five holds and one sell. The average 12-month price target is $130.83, above the reported share price of $110.32.
• Ormat exceeded quarterly expectations, reporting $0.50 EPS versus a $0.26 estimate and revenue of $258.76 million, up 10.6% year over year.
• The company declared a quarterly dividend of $0.12 per share, equivalent to $0.48 annually and a 0.4% yield; institutional investors own approximately 95.49% of outstanding shares.

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the fourteen ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $130.8333.

Several brokerages have recently issued reports on ORA. UBS Group boosted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Barclays lowered their target price on Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating on the stock in a research report on Monday, August 10th. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They set a "peer perform" rating on the stock. Roth Capital reiterated a "buy" rating and set a $135.00 price target on shares of Ormat Technologies in a research report on Monday, May 11th. Finally, Oppenheimer decreased their price target on Ormat Technologies from $144.00 to $141.00 and set an "outperform" rating for the company in a research note on Friday, August 7th.

Ormat Technologies Trading Up 0.6%

Shares of NYSE:ORA opened at $110.32 on Thursday. 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 price is $112.07 and its 200 day moving average price is $116.86. The company has a market cap of $6.78 billion, a PE ratio of 54.35, a P/E/G ratio of 4.44 and a beta of 0.90. Ormat Technologies has a fifty-two week low of $89.08 and a fifty-two week high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results 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 firm had revenue of $258.76 million during the quarter, compared to analysts' expectations of $240.03 million. During the same quarter in the prior year, the firm earned $0.48 EPS. Ormat Technologies's quarterly revenue was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Ormat Technologies will post 2.47 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies's payout ratio is currently 23.65%.

Insiders Place Their Bets

In related news, Director Stanley Stern sold 250 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the transaction, the director owned 5,800 shares in the company, valued at $802,836. This represents a 4.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by insiders.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd bought a new position in shares of Ormat Technologies in the fourth quarter valued at 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. Los Angeles Capital Management LLC acquired a new stake in Ormat Technologies in the fourth quarter worth approximately $32,000. Finally, Quantbot Technologies LP acquired a new stake in Ormat Technologies in the second quarter worth approximately $33,000. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

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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