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

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given a consensus recommendation of “Moderate Buy” by the ten research firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $128.00.

ORA has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, January 22nd. Oppenheimer raised their price target on Ormat Technologies from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Tuesday. UBS Group boosted their price target on Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Piper Sandler increased their price objective on Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $125.00 price objective on shares of Ormat Technologies in a research report on Monday, November 24th.

Ormat Technologies Stock Down 2.4%

Ormat Technologies stock opened at $124.91 on Friday. The firm has a market cap of $7.59 billion, a PE ratio of 57.30, a P/E/G ratio of 5.07 and a beta of 0.71. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The firm’s 50 day moving average price is $115.40 and its two-hundred day moving average price is $103.86. Ormat Technologies has a twelve month low of $61.93 and a twelve month high of $128.97.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The company had revenue of $249.73 million during the quarter, compared to analyst estimates of $235.03 million. During the same quarter last year, the business posted $0.36 EPS. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. On average, research analysts predict that Ormat Technologies will post 1.94 EPS 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. The ex-dividend date was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 22.02%.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 721 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $115.00, for a total value of $82,915.00. Following the completion of the sale, the insider owned 3,433 shares of the company’s stock, valued at $394,795. The trade was a 17.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Isaac Angel sold 18,018 shares of the company’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 sale, the director owned 29,650 shares of the company’s stock, valued at approximately $3,333,253. This trade represents a 37.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 40,860 shares of company stock worth $4,601,530 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC boosted its position in Ormat Technologies by 51.7% during the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after purchasing an additional 30,910 shares during the period. M&T Bank Corp acquired a new stake in shares of Ormat Technologies in the fourth quarter worth $227,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Ormat Technologies by 14.8% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 18,586 shares of the energy company’s stock worth $2,053,000 after buying an additional 2,400 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc boosted its holdings in shares of Ormat Technologies by 102.6% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after buying an additional 149,271 shares during the period. Finally, Veracity Capital LLC acquired a new position in Ormat Technologies in the 4th quarter valued at $568,000. 95.49% of the stock is owned by institutional investors.

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.