Ormat Technologies, Inc. (NYSE:ORA) Receives $131.67 Consensus Target Price from Brokerages

Ormat Technologies, Inc. (NYSE:ORA) has received an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $131.6667.

Several research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Barclays upped their target price on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Wolfe Research initiated coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Finally, Roth Capital restated a “buy” rating and issued a $135.00 price target on shares of Ormat Technologies in a research note on Monday, May 11th.

Insiders Place Their Bets

In related news, Director Dafna Sharir sold 883 shares of Ormat Technologies stock in a transaction on Monday, May 11th. The stock was sold at an average price of $122.44, for a total transaction of $108,114.52. Following the transaction, the director directly owned 3,140 shares in the company, valued at approximately $384,461.60. The trade was a 21.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Byron G. Wong sold 4,500 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total value of $604,440.00. Following the sale, the director directly owned 5,925 shares of the company’s stock, valued at $795,846. This represents a 43.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,585 shares of company stock valued at $4,090,998. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Ormat Technologies by 324.1% in the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after buying an additional 19,043 shares during the period. United Services Automobile Association purchased a new position in Ormat Technologies in the 1st quarter worth approximately $243,000. Empowered Funds LLC grew its holdings in Ormat Technologies by 7.3% during the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after buying an additional 286 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock valued at $16,593,000 after buying an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after buying an additional 2,329 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $110.03 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 53.41, a P/E/G ratio of 4.83 and a beta of 0.88. The company has a 50 day simple moving average of $127.29 and a two-hundred day simple moving average of $119.29. Ormat Technologies has a fifty-two week low of $84.13 and a fifty-two week high of $146.39.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The firm’s quarterly revenue was up 75.8% compared to the same quarter last year. Analysts expect that Ormat Technologies will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.30%.

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.