Ormat Technologies (NYSE:ORA) Sets New 52-Week Low - What's Next?

Key Points

• Ormat Technologies fell to a new 52-week low of $90.62, well below its 50-day and 200-day moving averages of $104.66 and $114.35, respectively.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $130.75, despite some Hold and Neutral ratings.
• The company recently beat quarterly expectations, reporting $0.50 in EPS and $258.76 million in revenue, while paying a quarterly dividend of $0.12 for a 0.5% annualized yield.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $90.62 and last traded at $91.2350, with a volume of 785568 shares changing hands. The stock had previously closed at $91.20.

Wall Street Analyst Weigh In

ORA has been the topic of a number of recent analyst reports. Royal Bank Of Canada restated an "outperform" rating and set a $130.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. Jefferies Financial Group reiterated a "hold" rating and issued a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. Wolfe Research assumed coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They issued a "peer perform" rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 9th. Finally, Sanford C. Bernstein raised shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 target price on the stock in a report on Friday, September 4th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $130.75.

Ormat Technologies Price Performance

The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $5.65 billion, a P/E ratio of 45.17, a P/E/G ratio of 3.72 and a beta of 0.90. The company has a 50 day moving average price of $104.66 and a 200 day moving average price of $114.35.

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 business had revenue of $258.76 million for the quarter, compared to analysts' expectations of $240.03 million. During the same quarter in the prior year, the business earned $0.48 EPS. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts predict that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Institutional Trading of Ormat Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd acquired a new position in Ormat Technologies in the 2nd quarter valued at $697,000. Integrated Wealth Concepts LLC bought a new stake in shares of Ormat Technologies during the 2nd quarter valued at $134,000. Arizona State Retirement System grew its holdings in shares of Ormat Technologies by 5.9% during the 2nd quarter. Arizona State Retirement System now owns 16,790 shares of the energy company's stock worth $1,828,000 after purchasing an additional 930 shares in the last quarter. Agur Provident & Training Funds Management Ltd. acquired a new stake in shares of Ormat Technologies during the 2nd quarter worth $9,683,000. Finally, Corient Private Wealth LP increased its position in shares of Ormat Technologies by 5.7% in the second quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company's stock worth $334,000 after purchasing an additional 164 shares during the period. Institutional investors own 95.49% of the company's stock.

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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