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

Key Points

• Ormat Technologies received a consensus analyst rating of “Moderate Buy” from 14 covering firms, with an average 12-month price target of about $131.67.
• The company reported strong quarterly results, posting EPS of $1.30 versus estimates of $0.92 and revenue of $403.91 million, up 75.8% from a year ago.
• There was notable insider selling, including large stock sales by the CFO and a director, while institutional investors continue to own the vast majority of shares.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) has received a consensus rating of "Moderate Buy" from the fourteen ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $131.6667.

Several equities analysts recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Tuesday, April 21st. UBS Group upped 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. JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Barclays raised their target price on Ormat Technologies from $123.00 to $126.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Finally, Piper Sandler boosted their target price on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th.

Insiders Place Their Bets

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the completion of the transaction, the chief financial officer owned 1,970 shares in the company, valued at $265,457.50. This represents a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michal Marom sold 3,080 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the transaction, the director directly owned 1,766 shares in the company, valued at approximately $231,293.02. The trade was a 63.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,585 shares of company stock worth $4,090,998. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Ormat Technologies

A number of large investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in Ormat Technologies during the fourth quarter worth approximately $26,000. Main Street Group LTD acquired a new stake in shares of Ormat Technologies in the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ormat Technologies during the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC grew its position in shares of 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 acquired a new position in shares of Ormat Technologies in the 4th quarter valued at $33,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Stock Down 1.3%

Shares of Ormat Technologies stock opened at $109.09 on Wednesday. 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 has a 52-week low of $83.63 and a 52-week high of $146.39. The company has a market capitalization of $6.70 billion, a P/E ratio of 52.95, a P/E/G ratio of 4.71 and a beta of 0.85. The company has a 50 day moving average of $127.20 and a 200 day moving average of $119.31.

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 analysts' consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company's quarterly revenue was up 75.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 EPS. As a group, research analysts forecast that Ormat Technologies will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Wednesday, May 20th. Ormat Technologies's payout ratio is currently 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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