Ormat Technologies (NYSE:ORA) Price Target Raised to $118.00

Ormat Technologies (NYSE:ORA) had its price objective hoisted by Barclays from $89.00 to $118.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other equities analysts have also recently weighed in on the company. Oppenheimer reissued an “outperform” rating and issued a $125.00 price target on shares of Ormat Technologies in a research note on Wednesday. UBS Group lifted their target price on shares of Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th. Piper Sandler raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $102.00 in a research note on Wednesday, September 17th. Finally, Baird R W raised Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $115.44.

Ormat Technologies Price Performance

Ormat Technologies stock traded up $1.05 during mid-day trading on Friday, hitting $114.53. The company’s stock had a trading volume of 229,192 shares, compared to its average volume of 529,096. The stock has a market capitalization of $6.95 billion, a P/E ratio of 53.27, a P/E/G ratio of 4.84 and a beta of 0.77. Ormat Technologies has a twelve month low of $61.58 and a twelve month high of $115.72. The stock’s fifty day moving average price is $100.51 and its two-hundred day moving average price is $88.83. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $249.73 million during the quarter, compared to analyst estimates of $235.03 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The company’s revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.36 EPS. Ormat Technologies has set its FY 2025 guidance at EPS. Research analysts forecast that Ormat Technologies will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, November 17th. Ormat Technologies’s payout ratio is currently 22.02%.

Insiders Place Their Bets

In other Ormat Technologies news, CEO Doron Blachar sold 14,994 shares of the business’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $94.71, for a total value of $1,420,081.74. Following the completion of the sale, the chief executive officer directly owned 35,419 shares of the company’s stock, valued at $3,354,533.49. The trade was a 29.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jessica Woelfel sold 5,611 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $94.80, for a total transaction of $531,922.80. Following the transaction, the insider owned 3,433 shares in the company, valued at approximately $325,448.40. This trade represents a 62.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,926 shares of company stock worth $3,861,296 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Ormat Technologies in the second quarter worth about $56,458,000. Canada Pension Plan Investment Board raised its stake in shares of Ormat Technologies by 7,951.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock valued at $46,726,000 after acquiring an additional 652,055 shares in the last quarter. Groupama Asset Managment acquired a new stake in Ormat Technologies in the 2nd quarter worth approximately $41,880,000. Dimensional Fund Advisors LP boosted its position in Ormat Technologies by 19.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock worth $133,770,000 after purchasing an additional 303,756 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in Ormat Technologies during the second quarter valued at approximately $18,310,000. 95.49% of the stock is owned by institutional investors and hedge funds.

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.