Ormat Technologies, Inc. (ORA) Expected to Announce Quarterly Sales of $160.52 Million
Equities analysts expect that Ormat Technologies, Inc. (NYSE:ORA) will post $160.52 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Ormat Technologies’ earnings. The lowest sales estimate is $156.10 million and the highest is $163.80 million. Ormat Technologies posted sales of $184.62 million during the same quarter last year, which suggests a negative year-over-year growth rate of 13.1%. The business is expected to report its next earnings results on Monday, November 6th.
On average, analysts expect that Ormat Technologies will report full-year sales of $160.52 million for the current year, with estimates ranging from $692.40 million to $695.36 million. For the next financial year, analysts forecast that the business will report sales of $730.66 million per share, with estimates ranging from $727.00 million to $732.79 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Ormat Technologies.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The company had revenue of $179.36 million during 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%. The firm’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 earnings per share.
Several brokerages recently issued reports on ORA. BidaskClub upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. J P Morgan Chase & Co upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th. Barclays PLC upgraded Ormat Technologies from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $54.00 to $59.00 in a report on Friday, May 26th. Zacks Investment Research upgraded Ormat Technologies from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, August 8th. Finally, Cowen and Company set a $67.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a report on Monday, July 17th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.38.
Shares of Ormat Technologies (NYSE ORA) opened at 57.50 on Friday. The firm’s 50-day moving average price is $57.43 and its 200 day moving average price is $57.97. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 26.23 and a beta of 1.20. Ormat Technologies has a 52 week low of $45.30 and a 52 week high of $61.49.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $0.32 annualized dividend and a yield of 0.56%. Ormat Technologies’s dividend payout ratio (DPR) is currently 14.61%.
In other Ormat Technologies news, CEO Isaac Angel sold 150,000 shares of the firm’s 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Shimon Hatzir sold 3,074 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $61.20, for a total value of $188,128.80. Following the transaction, the vice president now owns 3,074 shares in the company, valued at $188,128.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,044,457 shares of company stock worth $629,558,861. Corporate insiders own 22.97% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning raised its holdings in Ormat Technologies by 43.9% during the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock valued at $107,000 after buying an additional 572 shares in the last quarter. Royal Bank of Canada raised its holdings in Ormat Technologies by 1.7% during the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock valued at $117,000 after buying an additional 34 shares in the last quarter. US Bancorp DE raised its holdings 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 buying an additional 545 shares in the last quarter. Sei Investments Co. raised its holdings 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 buying an additional 49 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings 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 buying an additional 326 shares in the last quarter. Institutional investors own 46.42% of the company’s stock.
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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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