Ormat Technologies (NYSE:ORA) Trading Up 3.8% - Here's What Happened

Key Points

• Ormat Technologies shares rose 3.8% to about $105.89, despite trading volume falling 67% below the average daily level.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $130.83; ratings include eight Buys, five Holds, and one Sell.
• The company exceeded quarterly expectations, reporting $0.50 EPS versus the $0.26 consensus and revenue of $258.76 million, up 10.6% year over year. Ormat also declared a $0.12 quarterly dividend, yielding 0.4% annually.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report)'s share price traded up 3.8% on Tuesday . The company traded as high as $106.54 and last traded at $105.8880. Approximately 281,235 shares were traded during trading, a decline of 67% from the average daily volume of 847,423 shares. The stock had previously closed at $102.00.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ORA shares. Roth Capital reaffirmed a "buy" rating and issued a $135.00 target price on shares of Ormat Technologies in a research report on Monday, May 11th. Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. Wolfe Research assumed coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a "peer perform" rating on the stock. Oppenheimer cut their price objective on Ormat Technologies from $144.00 to $141.00 and set an "outperform" rating for the company in a report on Friday, August 7th. Finally, Wall Street Zen cut Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $130.83.

Ormat Technologies Stock Performance

The business's fifty day moving average is $107.73 and its 200-day moving average is $115.76. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The company has a market cap of $6.57 billion, a PE ratio of 52.65, a P/E/G ratio of 4.17 and a beta of 0.90.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $258.76 million during the quarter, compared to analysts' expectations of $240.03 million. During the same period in the prior year, the company earned $0.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. As a group, research analysts predict that Ormat Technologies, Inc. will post 2.47 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies's dividend payout ratio is 23.65%.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently bought and sold shares of ORA. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies during the fourth quarter valued at about $26,000. Main Street Group LTD bought a new position in shares of Ormat Technologies in the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ormat Technologies during the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC lifted its position in shares of Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company's stock valued at $33,000 after buying an additional 211 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies during the 4th quarter valued at about $32,000. 95.49% of the stock is owned by institutional investors.

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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