Ormat Technologies (NYSE:ORA) Reaches New 1-Year High Following Analyst Upgrade

Ormat Technologies, Inc. (NYSE:ORA) reached a new 52-week high during trading on Monday after TD Cowen upgraded the stock from a hold rating to a buy rating. TD Cowen now has a $130.00 price target on the stock, up from their previous price target of $115.00. Ormat Technologies traded as high as $119.51 and last traded at $118.7150, with a volume of 154925 shares trading hands. The stock had previously closed at $115.35.

A number of other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Roth Capital reaffirmed a “buy” rating and set a $125.00 price target on shares of Ormat Technologies in a research report on Wednesday, November 5th. 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. Oppenheimer reissued an “outperform” rating and set a $125.00 price target on shares of Ormat Technologies in a research report on Wednesday, November 5th. Finally, Cowen upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and an average target price of $121.89.

Insider Activity at Ormat Technologies

In related news, Director Isaac Angel sold 18,018 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $112.42, for a total value of $2,025,583.56. Following the completion of the sale, the director directly owned 29,650 shares of the company’s stock, valued at $3,333,253. The trade was a 37.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ravit Barniv sold 1,753 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.54, for a total value of $197,282.62. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 40,860 shares of company stock valued at $4,601,530. Insiders own 0.56% of the company’s stock.

Institutional Trading of Ormat Technologies

Institutional investors have recently added to or reduced their stakes in the business. Curio Wealth LLC lifted its position in shares of Ormat Technologies by 29,200.0% in the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock worth $25,000 after buying an additional 292 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after buying an additional 113 shares during the last quarter. Ameriflex Group Inc. raised its stake in Ormat Technologies by 1,100.0% during the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock worth $35,000 after acquiring an additional 330 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Ormat Technologies by 251.0% in the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock worth $44,000 after acquiring an additional 374 shares during the last quarter. Finally, AlphaQuest LLC lifted its holdings in Ormat Technologies by 218.0% in the third quarter. AlphaQuest LLC now owns 547 shares of the energy company’s stock worth $53,000 after acquiring an additional 375 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 55.23, a P/E/G ratio of 4.77 and a beta of 0.71. The stock has a 50 day simple moving average of $112.37 and a 200 day simple moving average of $100.73. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 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 the consensus estimate of $235.03 million. During the same period in the prior year, the business earned $0.36 EPS. The firm’s revenue was up 17.9% on a year-over-year basis. As a group, analysts anticipate that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, November 17th. Ormat Technologies’s dividend payout ratio (DPR) is 22.02%.

Ormat Technologies Company Profile

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.