Ormat Technologies, Inc. (NYSE:ORA) Receives Average Rating of “Hold” from Analysts

Ormat Technologies, Inc. (NYSE:ORA) has earned an average rating of “Hold” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $83.57.

A number of analysts have recently weighed in on ORA shares. Oppenheimer upped their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Finally, Piper Sandler started coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price for the company.

Insider Activity

In other news, Director David Granot sold 1,256 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were 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 in the company, valued at $293,232. This represents a 25.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds have recently modified their holdings of ORA. Blue Trust Inc. grew its stake in shares of Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after acquiring an additional 229 shares during the period. Harrington Investments INC lifted its holdings in Ormat Technologies by 3.0% during the second quarter. Harrington Investments INC now owns 7,950 shares of the energy company’s stock valued at $570,000 after purchasing an additional 230 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Ormat Technologies by 1.9% in the second quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock worth $1,091,000 after purchasing an additional 286 shares during the period. UMB Bank n.a. increased its stake in shares of Ormat Technologies by 107.7% in the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Ormat Technologies by 44.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock valued at $81,000 after purchasing an additional 321 shares during the period. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

Ormat Technologies stock opened at $67.91 on Friday. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 34.65, a PEG ratio of 3.75 and a beta of 0.53. The stock’s 50 day simple moving average is $77.99 and its two-hundred day simple moving average is $75.57. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

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

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Wednesday, November 20th. Ormat Technologies’s payout ratio is presently 24.49%.

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.