Ormat Technologies (NYSE:ORA) Hits New 12-Month Low - Time to Sell?

Key Points

• Ormat Technologies shares fell to a new 52-week low of $90.12, trading about 3.6% lower and below both the 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with eight Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $130.75, despite one recent Sell downgrade.
• The company beat quarterly earnings and revenue expectations, reporting $0.50 EPS and $258.76 million in revenue, while paying a quarterly dividend of $0.12; institutional investors own 95.49% of the stock.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) shares reached a new 52-week low during trading on Monday. The stock traded as low as $90.12 and last traded at $90.4960, with a volume of 314741 shares changing hands. The stock had previously closed at $93.63.

Wall Street Analyst Weigh In

ORA has been the subject of several research analyst reports. Oppenheimer boosted their price objective on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 9th. Sanford C. Bernstein raised Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 target price for the company in a research note on Friday, September 4th. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research report on Friday, July 17th. JPMorgan Chase & Co. upped their price target on Ormat Technologies from $122.00 to $131.00 and gave the company a "neutral" rating in a research note on Wednesday, September 9th. Finally, Wall Street Zen cut Ormat Technologies from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $130.75.

Ormat Technologies Stock Down 3.6%

The business's fifty day simple moving average is $102.62 and its 200 day simple moving average is $113.68. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 44.48, a price-to-earnings-growth ratio of 3.60 and a beta of 0.90. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same quarter in the prior year, the business posted $0.48 EPS. The firm's quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Ormat Technologies, Inc. will post 2.6 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies's dividend payout ratio is presently 23.65%.

Hedge Funds Weigh In On Ormat Technologies

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Ormat Technologies during the 2nd quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in Ormat Technologies during the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board bought a new stake in Ormat Technologies in the second quarter valued at approximately $173,638,000. Norges Bank bought a new stake in Ormat Technologies in the fourth quarter valued at approximately $86,545,000. Finally, Legal & General Group Plc acquired a new stake in Ormat Technologies in the second quarter worth $77,650,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat's geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.

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