Ormat Technologies (NYSE:ORA) Stock Price Down 6.9% - Time to Sell?

Key Points

• Ormat Technologies shares fell 6.9% to approximately $100.50, on trading volume well below the stock’s average daily volume.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $130.08, although some firms maintain Hold or Peer Perform ratings.
• The company beat quarterly earnings and revenue estimates, reporting $0.50 in EPS and $258.76 million in revenue, while paying a quarterly dividend of $0.12 per share.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report)'s share price dropped 6.9% during trading on Wednesday . The company traded as low as $102.09 and last traded at $100.4970. 171,924 shares were traded during mid-day trading, a decline of 80% from the average session volume of 843,605 shares. The stock had previously closed at $107.97.

Analysts Set New Price Targets

Several analysts have issued reports on ORA shares. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Oppenheimer lifted their price objective on Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday. Piper Sandler boosted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Jefferies Financial Group reissued a "hold" rating and issued a $117.00 target price on shares of Ormat Technologies in a report on Wednesday. Finally, Wolfe Research assumed coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a "peer perform" rating on the stock. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Ormat Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $130.08.

Ormat Technologies Price Performance

The firm has a 50 day moving average of $106.36 and a 200-day moving average of $115.12. 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 cap of $5.96 billion, a P/E ratio of 47.44, a P/E/G ratio of 4.26 and a beta of 0.90.

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, topping the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 EPS. On average, equities research analysts predict that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors 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 0.5%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies's dividend payout ratio (DPR) is presently 23.65%.

Institutional Trading of Ormat Technologies

Hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in shares of Ormat Technologies by 324.1% during the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock valued at $1,740,000 after purchasing an additional 19,043 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Ormat Technologies in the first quarter worth about $243,000. Empowered Funds LLC boosted its stake in Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock valued at $297,000 after buying an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock valued at $16,593,000 after buying an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in Ormat Technologies by 10.5% during the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock valued at $1,740,000 after buying an additional 2,329 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

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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