Ormat Technologies, Inc. (NYSE:ORA - Get Free Report)'s stock price reached a new 52-week high on Thursday . The company traded as high as $85.44 and last traded at $84.83, with a volume of 1108534 shares trading hands. The stock had previously closed at $80.12.
Analysts Set New Price Targets
A number of research firms have recently weighed in on ORA. Wall Street Zen raised Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. Barclays upgraded Ormat Technologies from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $80.00 to $86.00 in a report on Friday, June 6th. JPMorgan Chase & Co. upped their target price on Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 28th. Robert W. Baird began coverage on Ormat Technologies in a report on Thursday, March 13th. They set a "neutral" rating and a $81.00 target price for the company. Finally, Jefferies Financial Group upped their target price on Ormat Technologies from $78.00 to $86.00 and gave the company a "buy" rating in a report on Tuesday, March 25th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $84.14.
Check Out Our Latest Stock Report on Ormat Technologies
Ormat Technologies Stock Performance
The business has a fifty day simple moving average of $73.94 and a 200-day simple moving average of $70.77. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.77. The firm has a market cap of $5.14 billion, a P/E ratio of 41.18, a P/E/G ratio of 3.83 and a beta of 0.60.
Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.10. The business had revenue of $229.76 million during the quarter, compared to the consensus estimate of $228.33 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The firm's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. On average, sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.
Ormat Technologies Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were issued a $0.12 dividend. The ex-dividend date was Wednesday, May 21st. This represents a $0.48 dividend on an annualized basis and a yield of 0.57%. Ormat Technologies's dividend payout ratio (DPR) is 23.30%.
Insiders Place Their Bets
In other news, Director Michal Marom sold 895 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total transaction of $65,755.65. Following the completion of the transaction, the director now directly owns 3,080 shares in the company, valued at $226,287.60. This trade represents a 22.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dafna Sharir sold 876 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $75.00, for a total value of $65,700.00. Following the transaction, the director now owns 4,438 shares of the company's stock, valued at $332,850. The trade was a 16.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,888 shares of company stock worth $212,865. 0.56% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Ormat Technologies
Institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC bought a new stake in shares of Ormat Technologies in the 4th quarter worth $265,000. Principal Financial Group Inc. boosted its position in shares of Ormat Technologies by 5.6% during the fourth quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company's stock valued at $8,933,000 after buying an additional 7,025 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Ormat Technologies by 896.6% during the fourth quarter. Handelsbanken Fonder AB now owns 155,906 shares of the energy company's stock valued at $10,558,000 after buying an additional 140,262 shares during the last quarter. RWC Asset Management LLP increased its holdings in Ormat Technologies by 348.9% in the 4th quarter. RWC Asset Management LLP now owns 165,599 shares of the energy company's stock worth $11,214,000 after buying an additional 128,705 shares in the last quarter. Finally, Impax Asset Management Group plc raised its position in Ormat Technologies by 7.3% in the 4th quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company's stock worth $162,586,000 after buying an additional 163,505 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.
Ormat Technologies Company Profile
(
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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.
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