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

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given an average recommendation of “Moderate Buy” by the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $131.6667.

Several research firms have recently commented on ORA. Piper Sandler upped their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. Barclays upped their price objective on shares of Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Oppenheimer restated an “outperform” rating and issued a $144.00 target price on shares of Ormat Technologies in a research note on Friday, May 8th. Roth Mkm reiterated a “buy” rating and set a $135.00 price target on shares of Ormat Technologies in a research note on Monday, May 11th. Finally, Sanford C. Bernstein assumed coverage on shares of Ormat Technologies in a report on Tuesday, June 16th. They set an “underperform” rating and a $115.00 price target for the company.

Insiders Place Their Bets

In related news, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the sale, the director directly owned 1,766 shares in the company, valued at $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Byron G. Wong sold 4,500 shares of the company’s stock in a transaction on 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 $795,846. This represents a 43.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 30,585 shares of company stock worth $4,090,998. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in Ormat Technologies by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock worth $211,036,000 after buying an additional 43,749 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Ormat Technologies by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock valued at $178,033,000 after buying an additional 102,864 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after acquiring an additional 282,583 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after purchasing an additional 540,000 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

Shares of ORA opened at $109.09 on Wednesday. Ormat Technologies has a fifty-two week low of $83.63 and a fifty-two week high of $146.39. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 52.95, a price-to-earnings-growth ratio of 4.71 and a beta of 0.85. The firm has a 50-day simple moving average of $127.20 and a 200-day simple moving average of $119.31. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million for the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The firm’s revenue for the quarter was up 75.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 EPS. On average, equities research analysts anticipate that Ormat Technologies will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were paid 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 Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is 23.30%.

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.