Ormat Technologies (NYSE:ORA) Hits New 52-Week High on Strong Earnings

Ormat Technologies, Inc. (NYSE:ORA) reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $113.25 and last traded at $111.56, with a volume of 118753 shares traded. The stock had previously closed at $107.82.

The energy company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. The firm had revenue of $249.73 million for the quarter, compared to the consensus estimate of $235.03 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. Ormat Technologies has set its FY 2025 guidance at EPS.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s payout ratio is presently 22.33%.

Analysts Set New Price Targets

Several research analysts have commented on ORA shares. Piper Sandler raised Ormat Technologies from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $102.00 in a report on Wednesday, September 17th. JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $88.00 to $99.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Robert W. Baird raised Ormat Technologies from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $87.00 to $103.00 in a research report on Wednesday, July 30th. UBS Group lifted their price objective on Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Finally, TD Cowen lifted their price objective on Ormat Technologies from $76.00 to $85.00 and gave the stock a “hold” rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

Insiders Place Their Bets

In related news, insider Jessica Woelfel sold 5,611 shares of the business’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $94.80, for a total value of $531,922.80. Following the completion of the sale, the insider directly owned 3,433 shares of the company’s stock, valued at $325,448.40. The trade was a 62.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dafna Sharir sold 981 shares of the business’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $96.70, for a total value of $94,862.70. Following the completion of the sale, the director directly owned 2,257 shares of the company’s stock, valued at $218,251.90. The trade was a 30.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 40,926 shares of company stock worth $3,861,296 over the last three months. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Ormat Technologies by 19.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock valued at $133,770,000 after purchasing an additional 303,756 shares during the last quarter. Geode Capital Management LLC boosted its stake in Ormat Technologies by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock valued at $122,902,000 after purchasing an additional 48,038 shares during the last quarter. Van Berkom & Associates Inc. boosted its stake in Ormat Technologies by 2.7% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,280,026 shares of the energy company’s stock valued at $90,587,000 after purchasing an additional 33,719 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Finally, Norges Bank acquired a new position in Ormat Technologies during the 2nd quarter valued at about $56,458,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Price Performance

The firm has a market cap of $6.72 billion, a price-to-earnings ratio of 51.34, a P/E/G ratio of 4.84 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The business has a 50 day simple moving average of $98.87 and a 200-day simple moving average of $87.67.

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.