Ormat Technologies, Inc. (NYSE:ORA) to Issue $0.12 Quarterly Dividend

Key Points

• Ormat Technologies, Inc. has announced a quarterly dividend of $0.12 per share, with the dividend payment scheduled for September 3rd to stockholders of record on August 20th.
• The company's recent earnings report showed an EPS of $0.46 for the quarter, exceeding analysts' expectations and indicating a year-over-year revenue increase of 9.9%.
• Insider selling activity has been noted, with a director selling over 1,600 shares, reflecting a 33% decrease in their ownership of the stock amid recent trading activity.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) announced a quarterly dividend on Thursday, August 7th, Wall Street Journal reports. Stockholders of record on Wednesday, August 20th will be given a dividend of 0.12 per share by the energy company on Wednesday, September 3rd. This represents a c) annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, August 20th.

Ormat Technologies has a dividend payout ratio of 18.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Ormat Technologies to earn $2.18 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.0%.

Ormat Technologies Stock Up 2.4%

ORA traded up $2.08 during midday trading on Thursday, reaching $87.28. 711,207 shares of the company were exchanged, compared to its average volume of 511,559. The company has a market cap of $5.29 billion, a price-to-earnings ratio of 42.37, a price-to-earnings-growth ratio of 4.11 and a beta of 0.68. Ormat Technologies has a one year low of $61.58 and a one year high of $91.81. The company's fifty day moving average price is $84.37 and its 200 day moving average price is $74.64. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The energy company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.37 by $0.09. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. The company had revenue of $234.02 million during the quarter, compared to the consensus estimate of $225.26 million. During the same quarter in the prior year, the company posted $0.37 earnings per share. The firm's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, analysts expect that Ormat Technologies will post 1.94 EPS for the current year.

Insider Transactions at Ormat Technologies

In related news, Director Dafna Sharir sold 1,601 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the transaction, the director directly owned 3,238 shares in the company, valued at approximately $277,269.94. The trade was a 33.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Granot sold 950 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $73.10, for a total transaction of $69,445.00. Following the completion of the sale, the director directly owned 2,713 shares of the company's stock, valued at $198,320.30. This represents a 25.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,329 shares of company stock worth $423,443. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Curio Wealth LLC increased its holdings in shares of Ormat Technologies by 29,200.0% in the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company's stock worth $25,000 after purchasing an additional 292 shares in the last quarter. Stuart Chaussee & Associates Inc. purchased a new position in Ormat Technologies in the fourth quarter worth about $34,000. UMB Bank n.a. boosted its stake in shares of Ormat Technologies by 42.6% during the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after purchasing an additional 263 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Ormat Technologies by 57.4% in the second quarter. GAMMA Investing LLC now owns 886 shares of the energy company's stock valued at $74,000 after purchasing an additional 323 shares during the period. Finally, CWM LLC lifted its stake in shares of Ormat Technologies by 294.2% during the 1st quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after purchasing an additional 662 shares during the last quarter. 95.49% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.