Analysts Set Ormat Technologies, Inc. (NYSE:ORA) PT at $129.09

Ormat Technologies, Inc. (NYSE:ORA) has been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $129.0909.

A number of analysts recently commented on ORA shares. Piper Sandler raised their price target on Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, January 22nd. TD Cowen dropped their target price on shares of Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Royal Bank Of Canada assumed coverage on shares of Ormat Technologies in a research note on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Finally, Jefferies Financial Group cut shares of Ormat Technologies from a “buy” rating to a “hold” rating and boosted their price target for the company from $125.00 to $130.00 in a research report on Friday, February 13th.

Insider Buying and Selling at Ormat Technologies

In other news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the transaction, the insider owned 3,433 shares of the company’s stock, valued at approximately $361,014.28. This represents a 40.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 3,364 shares of company stock worth $353,621. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies in the fourth quarter worth $26,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies during the 4th quarter valued at $31,000. Los Angeles Capital Management LLC bought a new stake in shares of Ormat Technologies during the 4th quarter valued at $32,000. Wolff Wiese Magana LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter worth about $33,000. Finally, Smartleaf Asset Management LLC grew its position in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after buying an additional 211 shares during the period. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Trading Up 1.0%

ORA opened at $112.02 on Monday. The business has a 50 day simple moving average of $116.20 and a two-hundred day simple moving average of $110.54. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of 55.73, a PEG ratio of 4.69 and a beta of 0.84. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.81 and a quick ratio of 0.75. Ormat Technologies has a one year low of $64.39 and a one year high of $132.58.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.67. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The firm had revenue of $276.04 million for the quarter, compared to analyst estimates of $257.75 million. During the same period last year, the company earned $0.67 EPS. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. Analysts predict that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Tuesday, March 10th. Ormat Technologies’s payout ratio is presently 23.88%.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.