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

Key Points

• Ormat Technologies (NYSE:ORA) reached a new 52-week high of $108.00, last trading at $107.98, following positive analyst upgrades and a significant trading volume of over 100,000 shares.
• Analysts have set a new average target price of $97.90 for Ormat Technologies, with several upgrades from different firms reflecting increasing investor confidence in the company.
• The company reported a quarterly earnings per share (EPS) of $0.48, surpassing estimates, along with a 9.9% year-over-year revenue increase, indicating strong financial performance.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $108.00 and last traded at $107.98, with a volume of 100416 shares. The stock had previously closed at $107.29.

Analysts Set New Price Targets

ORA has been the subject of a number of recent analyst reports. Piper Sandler raised Ormat Technologies from a "neutral" rating to an "overweight" rating and raised their target price for the company from $90.00 to $102.00 in a report on Wednesday, September 17th. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $87.00 to $103.00 in a research report on Wednesday, July 30th. Barclays dropped their price objective on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Roth Capital reissued a "buy" rating and issued a $98.00 price target (up from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Finally, Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.90.

Ormat Technologies Stock Up 1.3%

The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The firm has a fifty day simple moving average of $93.64 and a 200-day simple moving average of $83.61. The company has a market capitalization of $6.60 billion, a PE ratio of 50.54, a P/E/G ratio of 4.84 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data 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. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The company had revenue of $234.02 million for the quarter, compared to the consensus estimate of $225.26 million. During the same period in the previous year, the business earned $0.37 EPS. Ormat Technologies's revenue for the quarter was up 9.9% compared to the same quarter last year. Equities research analysts anticipate that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, August 20th. Ormat Technologies's payout ratio is 22.33%.

Insiders Place Their Bets

In related news, CFO Assi Ginzburg sold 9,343 shares of the company's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $93.31, for a total transaction of $871,795.33. Following the completion of the transaction, the chief financial officer directly owned 24,482 shares in the company, valued at $2,284,415.42. This represents a 27.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dafna Sharir sold 981 shares of the company's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $96.70, for a total value of $94,862.70. Following the transaction, the director owned 2,257 shares of the company's stock, valued at approximately $218,251.90. The trade was a 30.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,926 shares of company stock worth $3,861,296. Corporate insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ORA. Curio Wealth LLC lifted its holdings in shares of Ormat Technologies by 29,200.0% in the second quarter. Curio Wealth LLC now owns 293 shares of the energy company's stock valued at $25,000 after buying an additional 292 shares during the period. 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 buying an additional 374 shares during the period. Signaturefd LLC raised its position in Ormat Technologies by 60.6% during the first quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after buying an additional 336 shares during the period. CWM LLC increased its position in Ormat Technologies by 294.2% in 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. Finally, GAMMA Investing LLC increased its position in Ormat Technologies by 57.4% in the 2nd quarter. GAMMA Investing LLC now owns 886 shares of the energy company's stock worth $74,000 after purchasing an additional 323 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

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.

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