Ormat Technologies (NYSE:ORA) Shares Gap Down - What's Next?

Key Points

• Ormat Technologies shares gapped down ahead of trading, opening at $126.63 after closing at $133.96 and last trading around $125.40.
• Analyst sentiment remains mixed but broadly positive: the stock has an average “Moderate Buy” rating with a consensus price target of $131.67, though Sanford C. Bernstein initiated coverage with an underperform rating.
• The company recently beat quarterly expectations, reporting $1.30 EPS and $403.91 million in revenue, and it also paid a quarterly dividend of $0.12 per share for a 0.4% annualized yield.

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $133.96, but opened at $126.63. Ormat Technologies shares last traded at $125.4010, with a volume of 150,017 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ORA shares. Robert W. Baird cut their target price on shares of Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a research note on Friday, February 27th. Citigroup lifted their price target on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 18th. Roth Mkm reaffirmed a "buy" rating and set a $135.00 price target on shares of Ormat Technologies in a research note on Monday, May 11th. TD Cowen dropped their price target on shares of Ormat Technologies from $131.00 to $125.00 and set a "buy" rating on the stock in a research note on Friday, February 27th. Finally, Sanford C. Bernstein started coverage on shares of Ormat Technologies in a research note on Tuesday. They set an "underperform" rating and a $115.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and a consensus price target of $131.67.

Ormat Technologies Price Performance

The company's 50-day moving average price is $125.55 and its two-hundred day moving average price is $118.63. The company has a market cap of $7.84 billion, a P/E ratio of 61.82, a P/E/G ratio of 5.91 and a beta of 0.85. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.38. The company had revenue of $403.91 million during the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company's revenue was up 75.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.68 EPS. As a group, sell-side analysts expect that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies's payout ratio is presently 23.30%.

Insider Buying and Selling

In other news, Director Michal Marom sold 3,080 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the completion of the sale, the director owned 1,766 shares of the company's stock, valued at approximately $231,293.02. The trade was a 63.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Assi Ginzburg sold 17,776 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the completion of the sale, the chief financial officer directly owned 1,970 shares of the company's stock, valued at $265,457.50. The trade was a 90.02% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 30,721 shares of company stock worth $4,105,657. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Ormat Technologies

A number of institutional investors have recently made changes to their positions in ORA. Aster Capital Management DIFC Ltd acquired a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $26,000. Main Street Group LTD acquired a new stake in shares of Ormat Technologies in the 1st quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $32,000. Finally, Wolff Wiese Magana LLC acquired a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $33,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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