Ormat Technologies, Inc. (NYSE:ORA) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given an average recommendation of “Moderate Buy” by the six research firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $81.67.

ORA has been the subject of a number of analyst reports. UBS Group boosted their target price on shares of Ormat Technologies from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 14th. Oppenheimer upped their price objective on shares of Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Barclays decreased their price objective on shares of Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating for the company in a research note on Monday, May 13th. JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Finally, TD Cowen upped their price objective on shares of Ormat Technologies from $70.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, May 10th.

Ormat Technologies Stock Up 0.6 %

Ormat Technologies stock opened at $73.96 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72. The stock’s fifty day simple moving average is $73.64 and its 200-day simple moving average is $69.89. The firm has a market capitalization of $4.47 billion, a P/E ratio of 33.32, a P/E/G ratio of 3.62 and a beta of 0.51. Ormat Technologies has a twelve month low of $58.73 and a twelve month high of $78.51.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Tuesday, August 6th. The energy company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. The firm had revenue of $212.96 million during the quarter, compared to the consensus estimate of $214.07 million. Ormat Technologies had a net margin of 14.89% and a return on equity of 5.40%. The company’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 earnings per share. As a group, equities analysts expect that Ormat Technologies will post 2.04 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 0.65%. Ormat Technologies’s dividend payout ratio is currently 21.62%.

Insider Buying and Selling

In related news, Director Dafna Sharir sold 433 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the transaction, the director now directly owns 3,561 shares of the company’s stock, valued at $266,754.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ORA. GAMMA Investing LLC purchased a new position in Ormat Technologies in the fourth quarter valued at about $32,000. State of New Jersey Common Pension Fund D grew its position in shares of Ormat Technologies by 12.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 37,173 shares of the energy company’s stock valued at $2,817,000 after purchasing an additional 4,069 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of Ormat Technologies by 0.5% in the fourth quarter. Retirement Systems of Alabama now owns 67,276 shares of the energy company’s stock valued at $5,099,000 after purchasing an additional 312 shares during the last quarter. Mission Wealth Management LP grew its position in shares of Ormat Technologies by 3.7% in the fourth quarter. Mission Wealth Management LP now owns 11,379 shares of the energy company’s stock valued at $862,000 after purchasing an additional 408 shares during the last quarter. Finally, Beck Bode LLC grew its position in shares of Ormat Technologies by 8.3% in the fourth quarter. Beck Bode LLC now owns 130,431 shares of the energy company’s stock valued at $9,885,000 after purchasing an additional 9,968 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

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.