Ormat Technologies (NYSE:ORA) Sets New 12-Month High - Here's What Happened

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) hit a new 52-week high on Wednesday . The company 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 Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group increased their target price on Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, March 25th. Baird R W upgraded Ormat Technologies to a "hold" rating in a research note on Thursday, March 13th. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. Robert W. Baird assumed coverage on Ormat Technologies in a research note on Thursday, March 13th. They set a "neutral" rating and a $81.00 price objective on the stock. Finally, Barclays upgraded Ormat Technologies from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $80.00 to $86.00 in a research note on Friday, June 6th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $84.14.

Ormat Technologies Stock Down 0.8%

The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 42.57, a price-to-earnings-growth ratio of 4.17 and a beta of 0.64. The stock's fifty day moving average is $78.21 and its two-hundred day moving average is $71.86.

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

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were paid a $0.12 dividend. The ex-dividend date of this dividend 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 23.30%.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 950 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total transaction of $69,445.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley Stern sold 547 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.54, for a total transaction of $46,790.38. Following the completion of the transaction, the director directly owned 6,137 shares of the company's stock, valued at approximately $524,958.98. This trade represents a 8.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,329 shares of company stock worth $423,443. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its stake in Ormat Technologies by 6.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company's stock worth $41,914,000 after purchasing an additional 39,689 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Ormat Technologies by 1.8% in the 4th quarter. Victory Capital Management Inc. now owns 18,896 shares of the energy company's stock worth $1,280,000 after purchasing an additional 336 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Ormat Technologies in the 4th quarter worth approximately $766,000. Raymond James Financial Inc. purchased a new stake in Ormat Technologies in the 4th quarter worth approximately $204,000. Finally, AlphaQuest LLC raised its position in shares of Ormat Technologies by 4,691.7% during the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company's stock valued at $39,000 after buying an additional 563 shares in 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.