Ormat Technologies (NYSE:ORA) Posts Earnings Results

Ormat Technologies (NYSE:ORA) announced its quarterly earnings results on Monday. The energy company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04, Zacks reports. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The company had revenue of $249.73 million during the quarter, compared to analysts’ expectations of $235.03 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. Ormat Technologies updated its FY 2025 guidance to EPS.

Ormat Technologies Trading Up 1.3%

Ormat Technologies stock opened at $107.80 on Tuesday. The business has a 50 day moving average price of $98.87 and a two-hundred day moving average price of $87.67. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.77. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of 50.14, a price-to-earnings-growth ratio of 4.84 and a beta of 0.69. Ormat Technologies has a 12 month low of $61.58 and a 12 month high of $111.08.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $0.12 dividend. 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 dividend payout ratio is 22.33%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ORA. JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $88.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Baird R W raised Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 30th. Piper Sandler raised Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $90.00 to $102.00 in a research report on Wednesday, September 17th. Robert W. Baird raised Ormat Technologies from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $87.00 to $103.00 in a research report on Wednesday, July 30th. Finally, Oppenheimer reissued an “outperform” rating and issued a $100.00 price objective on shares of Ormat Technologies in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Insider Buying and Selling

In other Ormat Technologies news, 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 completion of the transaction, the insider directly owned 3,433 shares in the company, valued at $325,448.40. This represents a 62.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dafna Sharir sold 981 shares of the stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $96.70, for a total value of $94,862.70. Following the transaction, the director owned 2,257 shares of the company’s stock, valued at $218,251.90. This represents a 30.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 40,926 shares of company stock worth $3,861,296. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ORA. Canada Pension Plan Investment Board raised its stake in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after acquiring an additional 413,384 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $18,310,000. Adage Capital Partners GP L.L.C. bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $9,632,000. Invesco Ltd. grew its position in Ormat Technologies by 48.6% during the 2nd quarter. Invesco Ltd. now owns 337,935 shares of the energy company’s stock worth $28,305,000 after acquiring an additional 110,575 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Ormat Technologies by 48.8% during the 2nd quarter. Bank of America Corp DE now owns 248,254 shares of the energy company’s stock worth $20,794,000 after acquiring an additional 81,391 shares during the last quarter. 95.49% of the stock is currently 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.