Ormat Technologies, Inc. (ORA) Receives Consensus Recommendation of “Buy” from Brokerages
Ormat Technologies, Inc. (NYSE:ORA) has earned a consensus rating of “Buy” from the ten brokerages that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $66.71.
Several equities analysts have commented on ORA shares. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Tuesday, August 8th. TheStreet lowered shares of Ormat Technologies from a “b” rating to a “c+” rating in a research report on Monday, August 14th. Cowen set a $67.00 price objective on shares of Ormat Technologies and gave the company a “buy” rating in a research report on Friday, August 18th. Oppenheimer reiterated a “buy” rating and set a $70.00 price objective (up previously from $65.00) on shares of Ormat Technologies in a research report on Wednesday, September 27th. Finally, Roth Capital set a $70.00 price objective on shares of Ormat Technologies and gave the company a “buy” rating in a research report on Monday, November 13th.
Ormat Technologies (NYSE:ORA) traded up $0.34 during mid-day trading on Thursday, reaching $65.55. 175,697 shares of the company’s stock traded hands, compared to its average volume of 180,182. Ormat Technologies has a fifty-two week low of $46.40 and a fifty-two week high of $66.46. The company has a quick ratio of 1.62, a current ratio of 1.72 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $3,288.31, a price-to-earnings ratio of 28.76, a P/E/G ratio of 2.18 and a beta of 1.25.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be issued a $0.08 dividend. The ex-dividend date is Monday, November 20th. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. Ormat Technologies’s dividend payout ratio (DPR) is presently 13.73%.
In other news, VP Erez Klein sold 24,576 shares of the firm’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $59.03, for a total value of $1,450,721.28. Following the completion of the sale, the vice president now owns 23,890 shares in the company, valued at approximately $1,410,226.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Bob Sullivan sold 9,890 shares of the firm’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $62.89, for a total transaction of $621,982.10. Following the completion of the sale, the executive vice president now owns 9,890 shares of the company’s stock, valued at approximately $621,982.10. The disclosure for this sale can be found here. Insiders sold a total of 84,359 shares of company stock valued at $5,013,332 in the last 90 days. Company insiders own 14.74% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in Ormat Technologies by 17.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock worth $63,683,000 after buying an additional 164,100 shares during the period. Vanguard Group Inc. increased its stake in Ormat Technologies by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock worth $197,538,000 after buying an additional 142,724 shares during the period. AHL Partners LLP purchased a new position in Ormat Technologies in the 2nd quarter worth about $8,370,000. New Amsterdam Partners LLC NY purchased a new position in Ormat Technologies in the 3rd quarter worth about $6,677,000. Finally, Impax Asset Management LTD increased its stake in Ormat Technologies by 21.4% in the 3rd quarter. Impax Asset Management LTD now owns 605,795 shares of the energy company’s stock worth $36,984,000 after buying an additional 106,654 shares during the period. Hedge funds and other institutional investors own 46.45% 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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