Ormat Technologies, Inc. (NYSE:ORA) Given Consensus Recommendation of “Hold” by Brokerages

Ormat Technologies, Inc. (NYSE:ORA) has been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $83.57.

Several brokerages have recently commented on ORA. Roth Mkm reaffirmed a “buy” rating and set a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Oppenheimer increased their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Piper Sandler initiated coverage on Ormat Technologies in a report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target for the company.

Ormat Technologies Stock Performance

Shares of ORA opened at $67.72 on Friday. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of 34.55, a PEG ratio of 3.75 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. The business’s 50 day moving average is $77.10 and its two-hundred day moving average is $75.40. Ormat Technologies has a 52-week low of $59.41 and a 52-week high of $84.30.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $211.80 million for the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 EPS. Analysts forecast that Ormat Technologies will post 1.93 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

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

Insider Transactions at Ormat Technologies

In related news, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $102,992.00. Following the completion of the transaction, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This trade represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Institutional Trading of Ormat Technologies

Several large investors have recently added to or reduced their stakes in ORA. Blue Trust Inc. increased its stake in Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after buying an additional 229 shares during the period. Harrington Investments INC increased its stake in shares of Ormat Technologies by 3.0% during the second quarter. Harrington Investments INC now owns 7,950 shares of the energy company’s stock valued at $570,000 after acquiring an additional 230 shares during the period. Arizona State Retirement System increased its stake in shares of Ormat Technologies by 1.9% during the second quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock valued at $1,091,000 after acquiring an additional 286 shares during the period. UMB Bank n.a. raised its holdings in Ormat Technologies by 107.7% during the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Ormat Technologies by 44.0% in the third quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after purchasing an additional 321 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.