Ormat Technologies (NYSE:ORA) Reaches New 12-Month High - Here's Why

Key Points

• Ormat Technologies reached a new 12-month high of $93.26 during trading, indicating a strong market performance with a closing price of $92.31.
• Several brokerages have issued positive ratings and increased their target prices for the stock, with a consensus rating of "Moderate Buy" and an average price target of $93.30.
• The company reported a 9.9% increase in revenue year-over-year for the last quarter, with earnings per share surpassing analysts' expectations at $0.48 compared to the consensus estimate of $0.37.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as $93.26 and last traded at $92.31, with a volume of 572973 shares traded. The stock had previously closed at $92.79.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ORA shares. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Piper Sandler raised their target price on shares of Ormat Technologies from $78.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 19th. Cowen reaffirmed a "hold" rating on shares of Ormat Technologies in a report on Friday, August 8th. Oppenheimer reiterated an "outperform" rating and issued a $100.00 price target on shares of Ormat Technologies in a research report on Friday, August 8th. Finally, UBS Group raised their price objective on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Ormat Technologies presently has an average rating of "Moderate Buy" and an average price target of $93.30.

Ormat Technologies Stock Performance

The firm's 50 day simple moving average is $87.90 and its 200 day simple moving average is $77.15. The firm has a market cap of $5.55 billion, a PE ratio of 42.49, a PEG ratio of 4.41 and a beta of 0.68. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77.

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

Ormat Technologies Announces Dividend

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

Insider Buying and Selling 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 transaction of $137,093.63. Following the sale, the director owned 3,238 shares of the company's stock, valued at $277,269.94. This represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stanley Stern sold 547 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.54, for a total transaction of $46,790.38. Following the transaction, the director owned 6,137 shares of the company's stock, valued at $524,958.98. This trade represents a 8.18% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,995 shares of company stock worth $1,090,249. Company insiders own 0.56% of the company's stock.

Institutional Trading of Ormat Technologies

Large investors have recently made changes to their positions in the business. Curio Wealth LLC lifted 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 valued at $25,000 after acquiring an additional 292 shares during the last quarter. Stuart Chaussee & Associates Inc. bought a new stake in Ormat Technologies during the fourth quarter worth approximately $34,000. EverSource Wealth Advisors LLC raised its position in Ormat Technologies by 251.0% during the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company's stock valued at $44,000 after purchasing an additional 374 shares during the period. UMB Bank n.a. lifted its stake in shares of Ormat Technologies by 42.6% in the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock valued at $62,000 after purchasing an additional 263 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Ormat Technologies by 60.6% in the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after purchasing an additional 336 shares during the last quarter. 95.49% of the stock is currently 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.