Research Analysts Set Expectations for ORA FY2024 Earnings

Ormat Technologies, Inc. (NYSE:ORA) – Analysts at Roth Capital dropped their FY2024 earnings estimates for Ormat Technologies in a report released on Thursday, October 24th. Roth Capital analyst J. Clare now anticipates that the energy company will post earnings of $1.96 per share for the year, down from their previous forecast of $2.05. The consensus estimate for Ormat Technologies’ current full-year earnings is $1.91 per share.

Several other research firms have also commented on ORA. Oppenheimer boosted their price objective on shares of Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 16th. Finally, Roth Mkm reiterated a “buy” rating and set a $80.00 price objective on shares of Ormat Technologies in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.67.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $80.96 on Monday. The company’s fifty day moving average price is $75.81 and its 200-day moving average price is $73.19. The stock has a market cap of $4.89 billion, a PE ratio of 36.97, a price-to-earnings-growth ratio of 4.12 and a beta of 0.53. 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 $81.88.

Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 6th. The energy company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. The company had revenue of $212.96 million during the quarter, compared to analysts’ expectations of $214.07 million. Ormat Technologies had a return on equity of 5.40% and a net margin of 14.89%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 EPS.

Ormat Technologies Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Ormat Technologies’s payout ratio is 21.92%.

Insider Transactions at Ormat Technologies

In related news, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the completion of the sale, the director now directly owns 6,906 shares in the company, valued at approximately $517,811.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Dafna Sharir sold 433 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Byron G. Wong sold 1,266 shares of Ormat Technologies stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the sale, the director now directly owns 6,906 shares in the company, valued at approximately $517,811.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Ormat Technologies

A number of large investors have recently made changes to their positions in ORA. Y.D. More Investments Ltd raised its holdings in shares of Ormat Technologies by 1,011.5% in the second quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock worth $34,943,000 after buying an additional 449,209 shares during the period. Swedbank AB purchased a new position in Ormat Technologies in the 1st quarter worth about $7,907,000. Dimensional Fund Advisors LP lifted its holdings in Ormat Technologies by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock valued at $104,030,000 after buying an additional 86,291 shares in the last quarter. Vanguard Group Inc. boosted its position in Ormat Technologies by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 5,388,571 shares of the energy company’s stock valued at $356,670,000 after buying an additional 63,943 shares during the period. Finally, Beck Bode LLC increased its position in shares of Ormat Technologies by 34.1% during the first quarter. Beck Bode LLC now owns 174,882 shares of the energy company’s stock worth $11,575,000 after acquiring an additional 44,451 shares during the period. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

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.