Brokerages expect Ormat Technologies, Inc. (NYSE:ORA) to post $179.55 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Ormat Technologies’ earnings, with estimates ranging from $179.20 million to $179.94 million. Ormat Technologies reported sales of $166.37 million in the same quarter last year, which indicates a positive year over year growth rate of 7.9%. The business is expected to announce its next quarterly earnings results on Friday, March 15th.
According to Zacks, analysts expect that Ormat Technologies will report full year sales of $710.45 million for the current financial year, with estimates ranging from $708.00 million to $714.60 million. For the next financial year, analysts anticipate that the business will report sales of $762.27 million, with estimates ranging from $753.10 million to $774.60 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Ormat Technologies.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.13). Ormat Technologies had a return on equity of 8.96% and a net margin of 17.39%. The business had revenue of $166.50 million for the quarter, compared to analysts’ expectations of $172.97 million. During the same period last year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was up 5.9% on a year-over-year basis.
A number of brokerages recently issued reports on ORA. ValuEngine upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, September 12th. Zacks Investment Research upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. TheStreet lowered shares of Ormat Technologies from a “b-” rating to a “c+” rating in a research report on Thursday, August 9th. Finally, JPMorgan Chase & Co. upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $64.00 to $60.00 in a research report on Thursday, August 9th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $64.80.
Shares of ORA opened at $52.96 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.16 and a quick ratio of 1.05. Ormat Technologies has a 1-year low of $45.79 and a 1-year high of $70.68. The company has a market cap of $2.51 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 2.68 and a beta of 1.46.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Tuesday, November 20th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, November 19th. This represents a $0.40 dividend on an annualized basis and a yield of 0.76%. Ormat Technologies’s dividend payout ratio (DPR) is currently 13.38%.
In related news, EVP Bob Sullivan sold 20,329 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $56.94, for a total transaction of $1,157,533.26. Following the sale, the executive vice president now owns 23,329 shares in the company, valued at $1,328,353.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 20,791 shares of company stock worth $1,181,555. 0.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ORA. Smithfield Trust Co. acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at $129,000. Cubist Systematic Strategies LLC acquired a new position in shares of Ormat Technologies in the 1st quarter valued at $182,000. Green Square Capital LLC acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at $298,000. Royal Bank of Canada boosted its holdings in shares of Ormat Technologies by 103.6% in the 1st quarter. Royal Bank of Canada now owns 5,445 shares of the energy company’s stock valued at $307,000 after purchasing an additional 2,771 shares during the last quarter. Finally, Yorktown Management & Research Co Inc boosted its holdings in shares of Ormat Technologies by 23.9% in the 3rd quarter. Yorktown Management & Research Co Inc now owns 5,700 shares of the energy company’s stock valued at $308,000 after purchasing an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 72.70% of the company’s stock.
Ormat Technologies Company Profile
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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