Ormat Technologies, Inc. (NYSE:ORA) to Issue Quarterly Dividend of $0.12

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Investors of record on Wednesday, November 20th will be paid a dividend of 0.12 per share by the energy company on Wednesday, December 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Wednesday, November 20th.

Ormat Technologies has raised its dividend by an average of 2.9% per year over the last three years. Ormat Technologies has a dividend payout ratio of 21.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.11 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.7%.

Ormat Technologies Stock Up 0.5 %

Shares of NYSE ORA opened at $79.40 on Tuesday. The stock has a market cap of $4.80 billion, a PE ratio of 40.51, a price-to-earnings-growth ratio of 4.09 and a beta of 0.53. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies has a 52-week low of $59.41 and a 52-week high of $84.30. The business has a 50-day moving average price of $77.79 and a 200 day moving average price of $74.86.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $211.80 million during the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. Equities research analysts forecast that Ormat Technologies will post 1.93 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Oppenheimer upped their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and set a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Three 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, Ormat Technologies currently has an average rating of “Moderate Buy” and an average target price of $84.50.

Insider Buying and Selling

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the sale, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. This represents a 15.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dafna Sharir sold 433 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total value of $32,436.03. Following the sale, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

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.