Ormat Technologies (NYSE:ORA) Shares Climb 4.6% - Here's What Happened

Key Points

• Ormat Technologies shares rose 4.6% to approximately $92.99, although trading volume was 83% below the stock’s average daily volume.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $130.75, well above the recent trading price.
• The company exceeded quarterly expectations, reporting $0.50 in adjusted EPS versus a $0.26 estimate and revenue of $258.76 million, up 10.6% year over year; it also maintains a $0.12 quarterly dividend.

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) rose 4.6% on Monday. The company traded as high as $92.64 and last traded at $92.9880. Approximately 149,808 shares changed hands during trading, a decline of 83% from the average daily volume of 859,017 shares. The stock had previously closed at $88.92.

Analyst Ratings Changes

A number of brokerages recently issued reports on ORA. Royal Bank Of Canada restated an "outperform" rating and issued a $130.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. JPMorgan Chase & Co. increased their price objective on shares of Ormat Technologies from $122.00 to $131.00 and gave the company a "neutral" rating in a research note on Wednesday, September 9th. Oppenheimer increased their price objective on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a research note on Wednesday, September 9th. Barclays decreased their price objective on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a report on Monday, August 10th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $117.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $130.75.

Ormat Technologies Price Performance

The company has a 50 day moving average of $100.68 and a 200-day moving average of $112.39. The stock has a market capitalization of $5.70 billion, a P/E ratio of 45.63, a PEG ratio of 3.38 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. Sell-side analysts predict that Ormat Technologies, Inc. will post 2.63 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were issued 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 payout ratio is 23.65%.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors and hedge funds have recently bought and sold shares of ORA. Main Street Group LTD acquired a new position in Ormat Technologies during the 1st quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Ormat Technologies in the fourth quarter worth $31,000. Quantbot Technologies LP bought a new position in shares of Ormat Technologies in the second quarter worth $33,000. Allworth Financial LP acquired a new position in shares of Ormat Technologies during the second quarter valued at $40,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Ormat Technologies during the second quarter valued at $46,000. Institutional investors and hedge funds own 95.49% of the company's stock.

About Ormat Technologies

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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