Ormat Technologies (NYSE:ORA) Sets New 52-Week High - Still a Buy?

Key Points

• Ormat Technologies shares hit a new 52-week high of $103.31, with significant trading volume of 11,933 shares.
• Wall Street analysts maintain a positive outlook with one "Strong Buy" rating, eight "Buy" ratings, and a moderate buy average rating, alongside a price target of $94.50.
• The company reported a quarterly earnings per share (EPS) of $0.48, exceeding expectations, with a revenue of $234.02 million, reflecting a 9.9% year-over-year growth.

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $102.56 and last traded at $103.31, with a volume of 11933 shares changing hands. The stock had previously closed at $101.30.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Cowen reaffirmed a "hold" rating on shares of Ormat Technologies in a research note on Friday, August 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a research note on Saturday, September 27th. Robert W. Baird raised Ormat Technologies from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $87.00 to $103.00 in a research note on Wednesday, July 30th. Piper Sandler raised shares of Ormat Technologies from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $90.00 to $102.00 in a research note on Wednesday, September 17th. Finally, UBS Group upped their target price on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Ormat Technologies has an average rating of "Moderate Buy" and an average price target of $94.50.

Ormat Technologies Price Performance

The firm has a 50-day moving average of $91.62 and a 200 day moving average of $82.14. The company has a market capitalization of $6.33 billion, a PE ratio of 48.46, a PEG ratio of 4.71 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.11. The business had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 EPS. As a group, research analysts anticipate 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, September 3rd. Shareholders of record on Wednesday, August 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 20th. Ormat Technologies's dividend payout ratio is currently 22.33%.

Insider Transactions at Ormat Technologies

In other news, Director Stanley Stern sold 400 shares of Ormat Technologies stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $95.98, for a total transaction of $38,392.00. Following the transaction, the director directly owned 4,861 shares of the company's stock, valued at $466,558.78. The trade was a 7.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dafna Sharir sold 981 shares of the 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 completion of the sale, the director owned 2,257 shares of the company's stock, valued at $218,251.90. The trade was a 30.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,926 shares of company stock worth $3,861,296 over the last three months. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors have recently added to or reduced their stakes in ORA. Teacher Retirement System of Texas bought a new stake in Ormat Technologies in the first quarter worth $593,000. Empower Advisory Group LLC increased its stake in Ormat Technologies by 6.5% during the first quarter. Empower Advisory Group LLC now owns 215,327 shares of the energy company's stock worth $15,239,000 after acquiring an additional 13,061 shares during the last quarter. Bayforest Capital Ltd raised its position in Ormat Technologies by 2,293.3% during the first quarter. Bayforest Capital Ltd now owns 6,773 shares of the energy company's stock valued at $479,000 after purchasing an additional 6,490 shares during the period. Voya Investment Management LLC lifted its stake in shares of Ormat Technologies by 19.2% in the 1st quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company's stock valued at $6,837,000 after purchasing an additional 15,532 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its holdings in Ormat Technologies by 273,109.4% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock valued at $67,673,000 after buying an additional 955,883 shares during the period. Hedge funds and other institutional investors 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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