Analysts Set Ormat Technologies, Inc. (NYSE:ORA) Target Price at $84.50

Ormat Technologies, Inc. (NYSE:ORA) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $84.50.

ORA has been the topic of a number of research analyst reports. Oppenheimer raised their target price on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Roth Mkm restated a “buy” rating and set a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $78.20 on Tuesday. The firm has a market cap of $4.73 billion, a P/E ratio of 39.90, a price-to-earnings-growth ratio of 4.12 and a beta of 0.53. The business’s 50 day moving average is $79.15 and its 200-day moving average is $75.72. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies has a 1-year low of $59.41 and a 1-year high of $84.30.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The firm had revenue of $211.80 million during the quarter, compared to the consensus estimate of $215.53 million. During the same period in the prior year, the company posted $0.47 EPS. The company’s revenue was up 1.8% compared to the same quarter last year. Equities research analysts predict that Ormat Technologies will post 1.93 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Wednesday, November 20th. Ormat Technologies’s dividend payout ratio is currently 24.49%.

Insider Activity at Ormat Technologies

In related news, Director David Granot sold 1,256 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now owns 3,576 shares of the company’s stock, valued at $293,232. This represents a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Byron G. Wong sold 1,266 shares of Ormat Technologies stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the completion of the transaction, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. The trade was a 15.49 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Institutional Trading of Ormat Technologies

Several large investors have recently added to or reduced their stakes in the stock. Y.D. More Investments Ltd raised its holdings in 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 last quarter. Erste Asset Management GmbH bought a new stake in Ormat Technologies during the third quarter valued at about $19,096,000. Global Alpha Capital Management Ltd. increased its position in Ormat Technologies by 6.1% in the third quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock worth $188,125,000 after buying an additional 140,882 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 worth $104,030,000 after buying an additional 86,291 shares during the period. Finally, Summit Partners Public Asset Management LLC raised its position in shares of Ormat Technologies by 16.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock valued at $26,929,000 after purchasing an additional 50,000 shares during the period. Institutional investors own 95.49% of the company’s stock.

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.