Zacks: Analysts Anticipate Ormat Technologies, Inc. (ORA) Will Announce Earnings of $0.49 Per Share
Analysts expect Ormat Technologies, Inc. (NYSE:ORA) to report earnings per share of $0.49 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Ormat Technologies’ earnings. The highest EPS estimate is $0.52 and the lowest is $0.44. Ormat Technologies reported earnings of $0.56 per share in the same quarter last year, which would indicate a negative year over year growth rate of 12.5%. The business is expected to announce its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Ormat Technologies will report full year earnings of $2.29 per share for the current financial year, with EPS estimates ranging from $2.23 to $2.35. For the next financial year, analysts forecast that the firm will report earnings of $2.46 per share, with EPS estimates ranging from $2.38 to $2.51. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Ormat Technologies.
Ormat Technologies (NYSE:ORA) last posted its earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The firm had revenue of $179.36 million for the quarter, compared to analysts’ expectations of $169.80 million. During the same period last year, the firm earned $0.49 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year.
A number of brokerages have weighed in on ORA. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a report on Friday, August 18th. TheStreet downgraded Ormat Technologies from a “b” rating to a “c+” rating in a report on Monday, August 14th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th. BidaskClub raised Ormat Technologies from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $54.00 to $59.00 in a report on Friday, May 26th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $65.38.
Shares of Ormat Technologies (NYSE:ORA) traded down 1.67% during trading on Thursday, hitting $56.63. The company had a trading volume of 68,016 shares. The firm has a 50 day moving average of $57.49 and a 200 day moving average of $57.98. The stock has a market cap of $2.83 billion, a PE ratio of 25.83 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 company also recently declared a quarterly dividend, which was paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Friday, August 11th. Ormat Technologies’s dividend payout ratio (DPR) is presently 14.61%.
In related news, VP Shimon Hatzir sold 1,169 shares of Ormat Technologies stock in a transaction on Friday, June 9th. The stock was sold at an average price of $61.00, for a total value of $71,309.00. Following the transaction, the vice president now directly owns 1,169 shares in the company, valued at approximately $71,309. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bronicki Investments Ltd. sold 3,323,482 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 value of $189,438,474.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,045,626 shares of company stock worth $629,630,170. 22.97% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning boosted its position 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 period. Royal Bank of Canada boosted its position in shares of Ormat Technologies by 1.7% in the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock worth $117,000 after buying an additional 34 shares during the period. US Bancorp DE boosted its position in Ormat Technologies by 33.6% during the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock valued at $124,000 after purchasing an additional 545 shares during the last quarter. Sei Investments Co. boosted its position in Ormat Technologies by 2.2% during the second quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock valued at $133,000 after purchasing an additional 49 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Ormat Technologies by 16.6% during the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after purchasing an additional 326 shares during the last quarter. Institutional investors and hedge funds own 46.42% 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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