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

Ormat Technologies, Inc. (NYSE:ORA) has been assigned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $133.1818.

Several research firms have weighed in on ORA. Barclays raised their target price on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Robert W. Baird cut their target price on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Oppenheimer restated an “outperform” rating and set a $144.00 target price on shares of Ormat Technologies in a report on Friday, May 8th. Piper Sandler raised their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada began coverage on Ormat Technologies in a report on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 target price on the stock.

Ormat Technologies Price Performance

NYSE ORA opened at $140.21 on Friday. Ormat Technologies has a fifty-two week low of $76.96 and a fifty-two week high of $146.39. The stock’s 50-day moving average is $122.04 and its two-hundred day moving average is $117.23. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market cap of $8.62 billion, a P/E ratio of 68.06, a price-to-earnings-growth ratio of 6.07 and a beta of 0.85.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same period last year, the company earned $0.68 earnings per share. The business’s revenue was up 75.8% compared to the same quarter last year. On average, analysts anticipate that Ormat Technologies will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were paid a $0.12 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. Ormat Technologies’s payout ratio is presently 23.30%.

Insiders Place Their Bets

In other news, Director Byron G. Wong sold 4,500 shares of Ormat Technologies stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the transaction, the director directly owned 5,925 shares in the company, valued at approximately $795,846. The trade was a 43.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michal Marom sold 3,080 shares of Ormat Technologies stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the completion of the transaction, the director owned 1,766 shares in the company, valued at $231,293.02. The trade was a 63.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,721 shares of company stock valued at $4,105,657 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently made changes to their positions in ORA. AQR Capital Management LLC increased its stake in shares of Ormat Technologies by 324.1% in the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 19,043 shares during the period. United Services Automobile Association bought a new position in shares of Ormat Technologies in the first quarter worth about $243,000. Empowered Funds LLC increased its stake in shares of Ormat Technologies by 7.3% in the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after purchasing an additional 286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Ormat Technologies by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after purchasing an additional 43,483 shares during the period. Finally, Intech Investment Management LLC increased its stake in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 2,329 shares during the period. 95.49% of the stock is currently 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.