Ormat Technologies (NYSE:ORA) Now Covered by Piper Sandler

Piper Sandler assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a research report report published on Thursday morning, Marketbeat.com reports. The firm issued a neutral rating and a $78.00 price objective on the energy company’s stock.

Several other analysts have also issued reports on the stock. Oppenheimer upped their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Roth Mkm reissued a “buy” rating and set a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Ormat Technologies has a consensus rating of “Hold” and a consensus price target of $83.57.

Ormat Technologies Price Performance

ORA traded up $0.72 on Thursday, reaching $67.84. The company had a trading volume of 93,362 shares, compared to its average volume of 458,243. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. Ormat Technologies has a 52-week low of $59.41 and a 52-week high of $84.30. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 34.61, a P/E/G ratio of 3.75 and a beta of 0.53. The business has a 50 day simple moving average of $78.95 and a 200 day simple moving average of $75.84.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping 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 company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 EPS. As a group, sell-side analysts anticipate that Ormat Technologies will post 1.93 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were issued a $0.12 dividend. The ex-dividend date was Wednesday, November 20th. This represents a $0.48 annualized dividend and a yield of 0.71%. Ormat Technologies’s dividend payout ratio (DPR) is presently 24.49%.

Insiders Place Their Bets

In other news, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the transaction, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David Granot sold 1,256 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the completion of the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. The trade was a 25.99 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ORA. Blue Trust Inc. boosted its holdings in shares of Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after purchasing 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 acquiring an additional 320 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Ormat Technologies by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after buying an additional 321 shares during the period. DMC Group LLC purchased a new stake in Ormat Technologies in the third quarter worth about $204,000. Finally, nVerses Capital LLC boosted its stake in shares of Ormat Technologies by 311.1% during the second quarter. nVerses Capital LLC now owns 3,700 shares of the energy company’s stock valued at $265,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

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.