Ormat Technologies, Inc. (NYSE:ORA) Given Consensus Recommendation of “Moderate Buy” by Analysts

Ormat Technologies, Inc. (NYSE:ORA) has been assigned a consensus rating of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $120.2222.

ORA has been the subject of several recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $125.00 price objective on shares of Ormat Technologies in a report on Monday, November 24th. Barclays upped their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the company an “overweight” rating in a report on Friday, November 7th. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th. Finally, UBS Group increased their target price on Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 7th.

Ormat Technologies Stock Performance

Shares of NYSE ORA opened at $116.52 on Wednesday. The business’s 50-day simple moving average is $111.37 and its 200-day simple moving average is $99.62. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $117.25. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 53.45, a P/E/G ratio of 4.59 and a beta of 0.71.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The firm had revenue of $249.73 million during the quarter, compared to analysts’ expectations of $235.03 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The company’s revenue was up 17.9% on a year-over-year basis. As a group, equities research analysts expect that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, November 17th. Ormat Technologies’s dividend payout ratio is currently 22.02%.

Insider Activity at Ormat Technologies

In related news, Director Ravit Barniv sold 1,753 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.54, for a total transaction of $197,282.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Isaac Angel sold 18,018 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the transaction, the director owned 29,650 shares of the company’s stock, valued at approximately $3,333,253. The trade was a 37.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 40,860 shares of company stock worth $4,601,530. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC bought a new position in Ormat Technologies during the 2nd quarter valued at about $358,000. Voya Investment Management LLC grew its stake in Ormat Technologies by 19.2% during the first quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company’s stock worth $6,837,000 after buying an additional 15,532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Ormat Technologies by 100.0% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock worth $2,513,000 after buying an additional 15,000 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Ormat Technologies in the third quarter valued at approximately $3,738,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Ormat Technologies by 54.6% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company’s stock valued at $2,835,000 after acquiring an additional 11,952 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.