Ormat Technologies, Inc. (ORA) Lifted to Equal Weight at Barclays PLC
Ormat Technologies, Inc. (NYSE:ORA) was upgraded by Barclays PLC from an “underweight” rating to an “equal weight” rating in a research note issued on Friday. The firm presently has a $59.00 target price on the energy company’s stock, up from their previous target price of $54.00. Barclays PLC’s price objective points to a potential upside of 1.39% from the stock’s current price.
Several other brokerages have also issued reports on ORA. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Cowen and Company reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Ormat Technologies in a report on Wednesday, April 12th. Oppenheimer Holdings Inc. set a $65.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, Roth Capital set a $66.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a report on Monday, March 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $64.43.
Shares of Ormat Technologies (NYSE:ORA) traded up 2.225% during mid-day trading on Friday, reaching $59.485. The company’s stock had a trading volume of 234,646 shares. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 30.013 and a beta of 1.18. The company’s 50-day moving average is $57.93 and its 200-day moving average is $54.45. Ormat Technologies has a 52 week low of $41.12 and a 52 week high of $61.49.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Monday, May 8th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. The company had revenue of $189.90 million for the quarter, compared to analyst estimates of $177.42 million. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 earnings per share. Equities analysts predict that Ormat Technologies will post $2.33 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 22nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Thursday, May 18th. Ormat Technologies’s dividend payout ratio is currently 15.73%.
In related news, SVP Etty Rosner sold 879 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $56.39, for a total value of $49,566.81. Following the completion of the sale, the senior vice president now owns 879 shares in the company, valued at $49,566.81. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David Granot sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $57.70, for a total transaction of $288,500.00. Following the completion of the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $288,500. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,379 shares of company stock valued at $1,620,117. 22.97% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Creative Planning increased its stake in shares of Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock worth $107,000 after buying an additional 572 shares during the last quarter. US Bancorp DE increased its stake in shares of Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock worth $124,000 after buying an additional 545 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Ormat Technologies during the fourth quarter worth approximately $128,000. SG Americas Securities LLC increased its stake in shares of Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock worth $130,000 after buying an additional 326 shares during the last quarter. Finally, Quantbot Technologies LP increased its stake in shares of Ormat Technologies by 89.3% in the first quarter. Quantbot Technologies LP now owns 2,334 shares of the energy company’s stock worth $133,000 after buying an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 43.57% of the company’s stock.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
Receive News & Ratings for Ormat Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ormat Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.