Analysts expect that Ormat Technologies, Inc. (NYSE:ORA) will post sales of $181.05 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Ormat Technologies’ earnings, with estimates ranging from $179.20 million to $184.00 million. Ormat Technologies reported sales of $166.37 million during the same quarter last year, which would indicate a positive year over year growth rate of 8.8%. The firm is scheduled to announce its next quarterly earnings report on Friday, March 15th.
On average, analysts expect that Ormat Technologies will report full-year sales of $709.85 million for the current year, with estimates ranging from $708.00 million to $712.80 million. For the next fiscal year, analysts forecast that the company will post sales of $765.63 million, with estimates ranging from $759.10 million to $774.60 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Ormat Technologies.
Ormat Technologies (NYSE:ORA) last posted its earnings results on Tuesday, November 6th. The energy company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.13). Ormat Technologies had a return on equity of 8.86% and a net margin of 17.39%. The firm had revenue of $166.50 million during the quarter, compared to analysts’ expectations of $172.97 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Ormat Technologies’s quarterly revenue was up 5.9% on a year-over-year basis.
Several equities research analysts have weighed in on the company. ValuEngine raised Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Zacks Investment Research raised Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. TheStreet cut Ormat Technologies from a “b-” rating to a “c+” rating in a research note on Thursday, August 9th. Finally, JPMorgan Chase & Co. raised Ormat Technologies from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $64.00 to $60.00 in a research note on Thursday, August 9th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $64.80.
In other news, EVP Bob Sullivan sold 20,329 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $56.94, for a total transaction of $1,157,533.26. Following the transaction, the executive vice president now owns 23,329 shares of the company’s stock, valued at $1,328,353.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Granot sold 759 shares of the company’s stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $54.00, for a total value of $40,986.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,550 shares of company stock worth $1,222,541. Insiders own 0.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Ormat Technologies by 6.2% during the third quarter. Vanguard Group Inc. now owns 3,679,477 shares of the energy company’s stock valued at $199,096,000 after buying an additional 213,470 shares during the last quarter. BlackRock Inc. grew its stake in Ormat Technologies by 6.7% in the third quarter. BlackRock Inc. now owns 3,063,630 shares of the energy company’s stock worth $165,773,000 after purchasing an additional 191,315 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd grew its stake in Ormat Technologies by 8.4% in the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,423,780 shares of the energy company’s stock worth $128,921,000 after purchasing an additional 186,974 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management grew its stake in Ormat Technologies by 7.1% in the third quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 754,586 shares of the energy company’s stock worth $40,830,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its stake in Ormat Technologies by 43.4% in the third quarter. Glenmede Trust Co. NA now owns 741,453 shares of the energy company’s stock worth $40,119,000 after purchasing an additional 224,256 shares in the last quarter. 72.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE ORA opened at $56.09 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 0.67. 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 $2.84 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 3.07 and a beta of 1.46.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 20th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, November 19th. This represents a $0.40 annualized dividend and a yield of 0.71%. Ormat Technologies’s payout ratio is currently 13.38%.
About Ormat Technologies
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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