Oppenheimer Holdings Weighs in on Ormat Technologies, Inc.’s Q3 2017 Earnings (NYSE:ORA)
Ormat Technologies, Inc. (NYSE:ORA) – Oppenheimer Holdings boosted their Q3 2017 EPS estimates for Ormat Technologies in a report released on Friday. Oppenheimer Holdings analyst N. Kaye now anticipates that the energy company will post earnings per share of $0.52 for the quarter, up from their prior forecast of $0.51. Oppenheimer Holdings currently has a “Buy” rating and a $65.00 price target on the stock. Oppenheimer Holdings also issued estimates for Ormat Technologies’ Q4 2017 earnings at $0.54 EPS and FY2017 earnings at $2.35 EPS.
A number of other analysts have also commented on ORA. Cowen and Company reaffirmed an “outperform” rating and set a $67.00 target price on shares of Ormat Technologies in a report on Wednesday, April 12th. Zacks Investment Research lowered shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Barclays PLC raised shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $54.00 to $59.00 in a report on Friday, May 26th. J P Morgan Chase & Co raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th. Finally, BidaskClub raised shares of Ormat Technologies from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $65.25.
Shares of Ormat Technologies (NYSE ORA) opened at 57.97 on Monday. The firm has a market cap of $2.88 billion, a P/E ratio of 29.25 and a beta of 1.20. Ormat Technologies has a 12 month low of $45.30 and a 12 month high of $61.49. The stock’s 50 day moving average price is $58.85 and its 200-day moving average price is $57.52.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. Ormat Technologies had a return on equity of 10.39% and a net margin of 15.36%. The company had revenue of $179.36 million during the quarter, compared to the consensus estimate of $169.80 million. During the same quarter in the prior year, the firm earned $0.49 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. Ormat Technologies’s dividend payout ratio is 14.61%.
In other news, Director Robert F. Clarke sold 15,000 shares of Ormat Technologies stock in a transaction on Friday, May 12th. The shares were sold at an average price of $56.97, for a total transaction of $854,550.00. Following the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at $427,275. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of Ormat Technologies stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total transaction of $410,550,822.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,083,033 shares of company stock worth $631,792,760. Insiders own 22.97% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Ormat Technologies by 5.8% in the first quarter. Vanguard Group Inc. now owns 3,223,631 shares of the energy company’s stock worth $184,006,000 after buying an additional 177,288 shares in the last quarter. BlackRock Inc. boosted its position in shares of Ormat Technologies by 6,068.3% in the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock worth $141,210,000 after buying an additional 2,433,766 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Ormat Technologies by 5.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,430,513 shares of the energy company’s stock worth $81,654,000 after buying an additional 70,927 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Ormat Technologies by 24.3% in the first quarter. Renaissance Technologies LLC now owns 921,157 shares of the energy company’s stock worth $52,580,000 after buying an additional 179,900 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Ormat Technologies by 4.9% in the first quarter. State Street Corp now owns 724,132 shares of the energy company’s stock worth $41,332,000 after buying an additional 34,005 shares in the last quarter. 45.96% of the stock is currently owned by institutional investors.
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.
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