Ormat Technologies (NYSE:ORA) Stock Price Expected to Rise, Oppenheimer Analyst Says

Ormat Technologies (NYSE:ORA) had its target price boosted by Oppenheimer from $86.00 to $91.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the energy company’s stock.

Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Roth Mkm reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Ormat Technologies in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.50.

Ormat Technologies Trading Up 0.1 %

ORA traded up $0.08 during trading on Friday, hitting $83.13. 543,545 shares of the company’s stock were exchanged, compared to its average volume of 404,361. Ormat Technologies has a 1 year low of $58.73 and a 1 year high of $83.85. The stock has a 50 day moving average price of $76.96 and a 200 day moving average price of $74.08. The firm has a market cap of $5.03 billion, a P/E ratio of 42.39, a price-to-earnings-growth ratio of 4.28 and a beta of 0.53. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.29%. The firm had revenue of $212.96 million during the quarter, compared to analysts’ expectations of $214.07 million. During the same period in the prior year, the company earned $0.40 EPS. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, analysts expect that Ormat Technologies will post 1.92 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Wednesday, November 20th. Ormat Technologies’s dividend payout ratio is currently 24.49%.

Insider Transactions at Ormat Technologies

In related news, Director Dafna Sharir sold 433 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the sale, the director now directly owns 3,561 shares of the company’s stock, valued at approximately $266,754.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Ormat Technologies news, Director Dafna Sharir sold 433 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $74.91, for a total value of $32,436.03. Following the transaction, the director now owns 3,561 shares of the company’s stock, valued at $266,754.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Byron G. Wong sold 1,266 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the sale, the director now owns 6,906 shares in the company, valued at $517,811.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Trading of Ormat Technologies

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its position in Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after acquiring an additional 229 shares during the period. UMB Bank n.a. raised its stake in shares of Ormat Technologies by 107.7% during the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Ormat Technologies by 115.3% in the second quarter. GAMMA Investing LLC now owns 730 shares of the energy company’s stock worth $52,000 after purchasing an additional 391 shares during the period. EntryPoint Capital LLC bought a new position in shares of Ormat Technologies in the first quarter valued at approximately $50,000. Finally, DMC Group LLC bought a new position in Ormat Technologies during the 3rd quarter valued at $204,000. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

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.