Ormat Technologies, Inc. (ORA) Given Consensus Rating of “Buy” by Brokerages
Ormat Technologies, Inc. (NYSE:ORA) has been assigned a consensus rating of “Buy” from the ten analysts that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $65.43.
Several research firms recently issued reports 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 lowered Ormat Technologies from a “b” rating to a “c+” rating in a report on Monday, August 14th. 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 report on Wednesday, June 7th. BidaskClub upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, 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 report on Friday, May 26th.
Shares of Ormat Technologies (NYSE ORA) traded down 0.09% on Friday, hitting $57.66. The stock had a trading volume of 301,054 shares. The stock has a market capitalization of $2.88 billion, a PE ratio of 26.30 and a beta of 1.20. The firm’s 50 day moving average is $57.25 and its 200-day moving average is $57.99. Ormat Technologies has a one year low of $45.30 and a one year high of $61.49.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results 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 10.25% and a net margin of 15.36%. The company had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. During the same period in the previous year, the company posted $0.49 earnings per share. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. Equities research analysts expect that Ormat Technologies will post $2.29 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Tuesday, August 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Friday, August 11th. Ormat Technologies’s dividend payout ratio (DPR) is presently 14.61%.
In other news, Director Robert Eugene Joyal sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $57.75, for a total value of $433,125.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $433,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gillon Beck sold 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total value of $2,137,500.00. The disclosure for this sale can be found here. Insiders sold 11,033,679 shares of company stock worth $628,925,364 in the last ninety days. 22.97% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Ormat Technologies by 4.4% in the second quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock valued at $197,538,000 after purchasing an additional 142,724 shares during the last quarter. BlackRock Inc. grew 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 valued at $141,210,000 after purchasing an additional 2,433,766 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Ormat Technologies by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock valued at $89,594,000 after purchasing an additional 96,288 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Ormat Technologies by 17.8% in the second quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after purchasing an additional 164,100 shares during the last quarter. Finally, State Street Corp grew its position in shares of Ormat Technologies by 7.5% in the second quarter. State Street Corp now owns 778,621 shares of the energy company’s stock valued at $45,685,000 after purchasing an additional 54,489 shares during the last quarter. 46.42% 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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