$160.52 Million in Sales Expected for Ormat Technologies, Inc. (ORA) This Quarter
Analysts expect Ormat Technologies, Inc. (NYSE:ORA) to announce $160.52 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Ormat Technologies’ earnings, with the highest sales estimate coming in at $163.80 million and the lowest estimate coming in at $156.10 million. Ormat Technologies posted sales of $184.62 million during the same quarter last year, which would indicate a negative year over year growth rate of 13.1%. The business is expected to report its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that Ormat Technologies will report full year sales of $160.52 million for the current fiscal year, with estimates ranging from $692.40 million to $695.36 million. For the next year, analysts forecast that the company will post sales of $730.66 million per share, with estimates ranging from $727.00 million to $732.79 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Ormat Technologies.
Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. The business had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. Ormat Technologies’s revenue was up 12.2% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share.
A number of brokerages have weighed in on ORA. BidaskClub upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, May 4th. J P Morgan Chase & Co upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $65.00 to $71.00 in a research note on Wednesday, June 7th. Barclays PLC upgraded Ormat Technologies from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. Finally, Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, July 17th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $65.38.
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Shares of Ormat Technologies (ORA) opened at 55.71 on Monday. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 25.42 and a beta of 1.20. Ormat Technologies has a 1-year low of $45.30 and a 1-year high of $61.49. The company has a 50-day moving average price of $57.77 and a 200 day moving average price of $57.77.
The company also recently disclosed 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 annualized dividend and a dividend yield of 0.57%. Ormat Technologies’s dividend payout ratio (DPR) is presently 14.61%.
In other news, CEO Isaac Angel sold 150,000 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total transaction of $8,550,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David Granot sold 5,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $57.70, for a total value of $288,500.00. Following the transaction, the director now owns 5,000 shares in the company, valued at $288,500. The disclosure for this sale can be found here. Insiders have sold a total of 11,067,154 shares of company stock worth $630,894,268 over the last quarter. Corporate insiders own 22.97% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. UBS Asset Management Americas Inc. raised its position in shares of Ormat Technologies by 45.8% in the first quarter. UBS Asset Management Americas Inc. now owns 16,671 shares of the energy company’s stock valued at $952,000 after buying an additional 5,233 shares during the period. Stevens Capital Management LP bought a new stake in shares of Ormat Technologies during the first quarter valued at $226,000. Navellier & Associates Inc boosted its stake in shares of Ormat Technologies by 2.3% in the first quarter. Navellier & Associates Inc now owns 8,090 shares of the energy company’s stock valued at $462,000 after buying an additional 180 shares in the last quarter. IFP Advisors Inc bought a new stake in shares of Ormat Technologies during the first quarter valued at $154,000. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in shares of Ormat Technologies by 378.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 29,617 shares of the energy company’s stock valued at $1,690,000 after buying an additional 23,427 shares in the last quarter. Hedge funds and other institutional investors own 45.33% of the company’s stock.
Ormat Technologies Company Profile
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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