Ormat Technologies (NYSE:ORA) Now Covered by Analysts at Robert W. Baird

Robert W. Baird initiated coverage on shares of Ormat Technologies (NYSE:ORA) in a research report released on Thursday morning, Marketbeat reports. The firm issued a neutral rating and a $81.00 price target on the energy company’s stock.

A number of other analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. Piper Sandler started coverage on Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of “Hold” and an average target price of $82.67.

Ormat Technologies Price Performance

ORA opened at $71.53 on Thursday. Ormat Technologies has a twelve month low of $59.41 and a twelve month high of $84.30. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 36.50, a PEG ratio of 3.18 and a beta of 0.51. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $66.74 and a 200 day simple moving average of $73.03.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Wednesday, March 12th. Ormat Technologies’s dividend payout ratio is presently 23.53%.

Insiders Place Their Bets

In other news, Director David Granot sold 1,666 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the transaction, the director now directly owns 1,910 shares of the company’s stock, valued at approximately $131,790. This represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its holdings in shares of Ormat Technologies by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock valued at $544,000 after acquiring an additional 160 shares during the period. Bailard Inc. boosted its stake in Ormat Technologies by 0.9% during the 4th quarter. Bailard Inc. now owns 19,446 shares of the energy company’s stock valued at $1,317,000 after purchasing an additional 169 shares during the period. Securian Asset Management Inc. boosted its stake in Ormat Technologies by 5.1% during the 4th quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company’s stock valued at $295,000 after purchasing an additional 212 shares during the period. Versant Capital Management Inc grew its position in Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after purchasing an additional 229 shares during the last quarter. Finally, Caprock Group LLC increased its stake in shares of Ormat Technologies by 4.0% in the fourth quarter. Caprock Group LLC now owns 6,080 shares of the energy company’s stock valued at $412,000 after purchasing an additional 235 shares during the period. 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.