Ormat Technologies, Inc. (NYSE:ORA) Given Consensus Recommendation of “Moderate Buy” by Analysts

Ormat Technologies, Inc. (NYSE:ORA) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $81.67.

ORA has been the subject of several research analyst reports. Roth Mkm restated a “buy” rating and issued a $80.00 price objective on shares of Ormat Technologies in a report on Monday, August 12th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Finally, Oppenheimer raised their target price on Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th.

Ormat Technologies Price Performance

ORA stock opened at $75.36 on Thursday. The firm has a 50 day moving average of $74.27 and a 200-day moving average of $70.70. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72. Ormat Technologies has a 12 month low of $58.73 and a 12 month high of $78.51. The firm has a market capitalization of $4.55 billion, a P/E ratio of 33.95, a price-to-earnings-growth ratio of 3.64 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Tuesday, August 6th. The energy company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.03. Ormat Technologies had a net margin of 14.89% and a return on equity of 5.40%. The company had revenue of $212.96 million during the quarter, compared to analyst estimates of $214.07 million. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts predict that Ormat Technologies will post 2.04 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.64%. The ex-dividend date was Tuesday, August 20th. Ormat Technologies’s dividend payout ratio is presently 21.62%.

Insider Buying and Selling

In other news, Director Dafna Sharir sold 433 shares of Ormat Technologies stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the transaction, the director now directly owns 3,561 shares of the company’s stock, valued at approximately $266,754.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Ormat Technologies by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 5,388,571 shares of the energy company’s stock valued at $356,670,000 after acquiring an additional 63,943 shares during the period. Dimensional Fund Advisors LP lifted its position in Ormat Technologies by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock valued at $104,030,000 after acquiring an additional 86,291 shares during the last quarter. Van Berkom & Associates Inc. boosted its stake in Ormat Technologies by 2.0% in the second quarter. Van Berkom & Associates Inc. now owns 1,322,936 shares of the energy company’s stock valued at $94,855,000 after acquiring an additional 25,799 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Ormat Technologies by 3.5% in the 4th quarter. Wellington Management Group LLP now owns 1,041,169 shares of the energy company’s stock valued at $78,910,000 after purchasing an additional 35,665 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Ormat Technologies by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company’s stock valued at $40,154,000 after purchasing an additional 15,004 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.