Ormat Technologies (NYSE:ORA) Reaches New 1-Year Low - Here's What Happened

Key Points

• Ormat Technologies shares hit a new 52-week low, falling to $86.74 during Monday trading and closing near $87, well below its 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive but mixed: the stock carries a consensus “Moderate Buy” rating with a $130.75 target price, while recent firms have both raised and lowered targets, including a “Strong Sell” downgrade from Zacks Research.
• The company reported stronger-than-expected quarterly results, with EPS of $0.50 versus a $0.26 consensus and revenue of $258.76 million, up 10.6% year over year. Ormat also maintains a quarterly dividend of $0.12 per share, or a 0.6% annualized yield.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report)'s share price reached a new 52-week low during trading on Monday. The stock traded as low as $86.74 and last traded at $87.02, with a volume of 130,185 shares changing hands. The stock had previously closed at $89.31.

Wall Street Analyst Weigh In

ORA has been the topic of several recent research reports. Jefferies Financial Group reissued a "hold" rating and set a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Barclays lowered their price objective on Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating on the stock in a research report on Monday, August 10th. Oppenheimer upped their target price on Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a research note on Wednesday, September 9th. Zacks Research lowered Ormat Technologies from a "hold" rating to a "strong sell" rating in a research note on Friday, October 9th. Finally, Wall Street Zen raised Ormat Technologies from a "strong sell" rating to a "sell" rating in a research report on Sunday, October 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $130.75.

Ormat Technologies Stock Performance

The company has a market capitalization of $5.34 billion, a P/E ratio of 42.78, a price-to-earnings-growth ratio of 3.39 and a beta of 0.90. The firm has a 50 day moving average price of $99.44 and a two-hundred day moving average price of $111.66. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.24. The business had revenue of $258.76 million during the quarter, compared to analysts' expectations of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. Ormat Technologies's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. On average, research analysts expect that Ormat Technologies, Inc. will post 2.63 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date was Wednesday, August 19th. Ormat Technologies's dividend payout ratio is currently 23.65%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ORA. Glenmede Trust Co. NA grew its position in Ormat Technologies by 3.4% during the 1st quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company's stock worth $274,000 after acquiring an additional 81 shares during the last quarter. Evexia Wealth LLC increased its holdings in Ormat Technologies by 2.8% during the 1st quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock valued at $610,000 after purchasing an additional 149 shares in the last quarter. Corient Private Wealth LP raised its position in Ormat Technologies by 5.7% in the 2nd quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company's stock valued at $334,000 after purchasing an additional 164 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Ormat Technologies by 31.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 694 shares of the energy company's stock valued at $78,000 after purchasing an additional 168 shares during the last quarter. Finally, Root Financial Partners LLC boosted its stake in Ormat Technologies by 74.2% in the first quarter. Root Financial Partners LLC now owns 439 shares of the energy company's stock worth $49,000 after purchasing an additional 187 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company's primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat's portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.

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