Ormat Technologies (NYSE:ORA) Stock Crosses Above 200 Day Moving Average – Here’s Why

Shares of Ormat Technologies, Inc. (NYSE:ORA) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $111.98 and traded as high as $117.33. Ormat Technologies shares last traded at $115.2060, with a volume of 478,634 shares.

Analyst Ratings Changes

ORA has been the subject of several recent research reports. Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Roth Mkm set a $139.00 price objective on shares of Ormat Technologies in a research note on Wednesday, January 28th. Barclays boosted their price objective on shares of Ormat Technologies from $108.00 to $123.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. TD Cowen reduced their price objective on shares of Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Finally, Robert W. Baird reduced their price objective on shares of Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Ormat Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.09.

Ormat Technologies Trading Up 1.2%

The stock has a market capitalization of $7.01 billion, a price-to-earnings ratio of 57.32, a PEG ratio of 4.87 and a beta of 0.80. The company’s 50 day moving average is $114.02 and its 200 day moving average is $112.11. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, February 25th. The energy company reported $0.67 EPS for the quarter, meeting the consensus estimate of $0.67. The firm had revenue of $276.04 million during the quarter, compared to analysts’ expectations of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS. On average, research analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

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

Insider Activity

In other news, insider Jessica Woelfel sold 2,359 shares of the stock in a transaction on Tuesday, March 3rd. The shares were 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 in the company, valued at approximately $361,014.28. This represents a 40.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 3,364 shares of company stock valued at $353,621. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd acquired a new position in shares of Ormat Technologies in the 4th quarter valued at $26,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies during the 4th quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new position in Ormat Technologies during the 4th quarter valued at about $32,000. Wolff Wiese Magana LLC bought a new position in Ormat Technologies during the 4th quarter valued at about $33,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

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.