Ormat Technologies (NYSE:ORA) Stock Price Expected to Rise, Barclays Analyst Says

Ormat Technologies (NYSE:ORA) had its target price upped by Barclays from $75.00 to $80.00 in a report released on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the energy company’s stock.

Several other brokerages have also recently issued reports on ORA. Jefferies Financial Group upped their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. Robert W. Baird began coverage on Ormat Technologies in a research report on Thursday, March 13th. They set a “neutral” rating and a $81.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 28th. Baird R W upgraded Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. Finally, StockNews.com raised shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Monday, April 7th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $85.38.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $74.80 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $84.30. The stock’s 50-day simple moving average is $71.11 and its 200-day simple moving average is $71.68. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 38.16, a PEG ratio of 3.18 and a beta of 0.65.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.10. The company had revenue of $229.76 million during the quarter, compared to analysts’ expectations of $228.33 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. Ormat Technologies’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the company posted $0.64 earnings per share. As a group, analysts expect that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Wednesday, May 21st. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.53%.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 409 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total value of $29,509.35. Following the sale, the insider now owns 6,094 shares in the company, valued at approximately $439,682.10. The trade was a 6.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Granot sold 1,666 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total transaction of $114,954.00. Following the sale, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. The trade was a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,242 shares of company stock valued at $156,427 over the last quarter. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mendota Financial Group LLC purchased a new position in shares of Ormat Technologies in the 4th quarter valued at about $98,000. Inspire Investing LLC raised its holdings in Ormat Technologies by 11.0% in the fourth quarter. Inspire Investing LLC now owns 5,914 shares of the energy company’s stock valued at $400,000 after acquiring an additional 586 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management lifted its stake in Ormat Technologies by 57.3% in the fourth quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 223,937 shares of the energy company’s stock worth $15,165,000 after acquiring an additional 81,547 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Ormat Technologies by 2.0% during the 4th quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock worth $544,000 after acquiring an additional 160 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its position in shares of Ormat Technologies by 16.4% in the 4th quarter. Perigon Wealth Management LLC now owns 3,162 shares of the energy company’s stock valued at $214,000 after purchasing an additional 446 shares during the last quarter. 95.49% of the stock is currently 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.