Ormat Technologies (NYSE:ORA) Sets New 1-Year High - Here's Why

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $88.32 and last traded at $88.32, with a volume of 220687 shares. The stock had previously closed at $86.45.

Analyst Ratings Changes

Several equities research analysts have commented on ORA shares. Barclays boosted their price target on shares of Ormat Technologies from $86.00 to $90.00 and gave the stock an "overweight" rating in a research report on Thursday. Wall Street Zen upgraded shares of Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. Finally, Jefferies Financial Group boosted their price objective on Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, March 25th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $84.71.

Ormat Technologies Trading Down 0.8%

The company has a fifty day simple moving average of $78.86 and a 200-day simple moving average of $72.13. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.77. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 42.63, a P/E/G ratio of 4.23 and a beta of 0.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The company had revenue of $229.76 million for the quarter, compared to analysts' expectations of $228.33 million. During the same quarter in the previous year, the business posted $0.64 EPS. The business's revenue for the quarter was up 2.5% on a year-over-year basis. On average, research analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 annualized dividend and a yield of 0.55%. Ormat Technologies's dividend payout ratio (DPR) is presently 23.30%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 950 shares of Ormat Technologies stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $73.10, for a total transaction of $69,445.00. Following the transaction, the director owned 2,713 shares of the company's stock, valued at $198,320.30. The trade was a 25.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Byron G. Wong sold 460 shares of Ormat Technologies stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $84.04, for a total value of $38,658.40. Following the transaction, the director directly owned 8,659 shares in the company, valued at approximately $727,702.36. This trade represents a 5.04% decrease in their position. 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. Company insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Ormat Technologies

Several large investors have recently made changes to their positions in the company. UMB Bank n.a. increased its holdings in Ormat Technologies by 20.3% in the second quarter. UMB Bank n.a. now owns 1,059 shares of the energy company's stock worth $89,000 after buying an additional 179 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in Ormat Technologies by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company's stock worth $1,139,000 after buying an additional 200 shares during the last quarter. Securian Asset Management Inc. increased its holdings in Ormat Technologies by 5.1% in the fourth quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company's stock worth $295,000 after buying an additional 212 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Ormat Technologies by 6.3% in the first quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company's stock worth $261,000 after buying an additional 220 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Ormat Technologies by 30.7% in the first quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company's stock worth $76,000 after buying an additional 252 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Company Profile

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.