Brokerages Set Ormat Technologies, Inc. (NYSE:ORA) Price Target at $92.10

Key Points

• Analysts have given Ormat Technologies, Inc. a consensus rating of "Moderate Buy", with an average price target of $92.10 among twelve ratings firms.
• The company reported earnings of $0.48 per share for the last quarter, exceeding estimates by $0.11, and achieved a revenue increase of 9.9% year-over-year.
• Ormat Technologies declared a quarterly dividend of $0.12 per share, reflecting a 0.6% yield, with the payment date set for September 3rd.

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twelve research firms that are currently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $92.10.

A number of equities research analysts have commented on the stock. Roth Capital reissued a "buy" rating and set a $98.00 price objective (up previously from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. TD Cowen increased their price objective on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a "hold" rating in a report on Friday. Barclays decreased their price objective on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their target price for the company from $87.00 to $103.00 in a research report on Wednesday, July 30th.

Ormat Technologies Price Performance

Shares of ORA traded up $1.22 during trading hours on Friday, hitting $88.77. The stock had a trading volume of 453,733 shares, compared to its average volume of 510,311. The company's fifty day moving average is $85.17 and its two-hundred day moving average is $75.21. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $91.81. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 41.29, a P/E/G ratio of 4.16 and a beta of 0.68.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.11. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The business had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. During the same quarter in the prior year, the firm earned $0.37 EPS. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. On average, analysts anticipate that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, August 20th. Ormat Technologies's dividend payout ratio (DPR) is currently 22.33%.

Insider Activity

In related news, Director Michal Marom sold 895 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $73.47, for a total value of $65,755.65. Following the sale, the director directly owned 3,080 shares in the company, valued at $226,287.60. This trade represents a 22.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dafna Sharir sold 1,601 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.63, for a total transaction of $137,093.63. Following the completion of the sale, the director owned 3,238 shares in the company, valued at $277,269.94. This represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,379 shares of company stock valued at $353,998. Insiders own 0.56% of the company's stock.

Institutional Trading of Ormat Technologies

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Ormat Technologies by 19.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company's stock worth $133,770,000 after buying an additional 303,756 shares during the period. Geode Capital Management LLC raised its holdings in Ormat Technologies by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company's stock worth $122,902,000 after buying an additional 48,038 shares during the period. Van Berkom & Associates Inc. raised its holdings in Ormat Technologies by 2.7% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,280,026 shares of the energy company's stock worth $90,587,000 after buying an additional 33,719 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Ormat Technologies by 273,109.4% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock worth $67,673,000 after buying an additional 955,883 shares during the period. Finally, Northern Trust Corp raised its holdings in Ormat Technologies by 11.7% during the 4th quarter. Northern Trust Corp now owns 858,674 shares of the energy company's stock worth $58,149,000 after buying an additional 90,100 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.