Ormat Technologies, Inc. (NYSE:ORA) Receives $131.75 Consensus PT from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $131.75.

A number of equities analysts have weighed in on ORA shares. Wolfe Research initiated coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating for the company. Oppenheimer reissued an “outperform” rating and issued a $144.00 price target on shares of Ormat Technologies in a research report on Friday, May 8th. Barclays upped their price target on shares of Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Finally, Piper Sandler lifted their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th.

Insider Transactions at Ormat Technologies

In other news, CFO Assi Ginzburg sold 17,776 shares of Ormat Technologies stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total value of $2,395,316.00. Following the completion of the transaction, the chief financial officer directly owned 1,970 shares in the company, valued at approximately $265,457.50. The trade was a 90.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Granot sold 1,766 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the sale, the director owned 1,766 shares in the company, valued at approximately $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 30,585 shares of company stock valued at $4,090,998. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently modified their holdings of ORA. Glenmede Trust Co. NA lifted its holdings in shares of Ormat Technologies by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company’s stock worth $274,000 after buying an additional 81 shares in the last quarter. Signaturefd LLC grew its stake in Ormat Technologies by 13.0% during the fourth quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock valued at $82,000 after acquiring an additional 86 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Ormat Technologies by 9.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock worth $127,000 after acquiring an additional 99 shares during the period. State of Wyoming increased its holdings in Ormat Technologies by 6.7% during the 4th quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock worth $231,000 after acquiring an additional 131 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in Ormat Technologies by 7.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company’s stock worth $239,000 after purchasing an additional 144 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Stock Up 0.9%

Shares of NYSE ORA opened at $97.56 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a market capitalization of $5.99 billion, a PE ratio of 47.36, a P/E/G ratio of 4.16 and a beta of 0.88. Ormat Technologies has a one year low of $84.13 and a one year high of $146.39. The business’s fifty day moving average price is $119.96 and its 200-day moving average price is $118.07.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same quarter last year, the firm posted $0.68 EPS. The firm’s revenue for the quarter was up 75.8% on a year-over-year basis. On average, equities research analysts anticipate that Ormat Technologies will post 2.35 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio is currently 23.30%.

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.