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

Ormat Technologies, Inc. (NYSE:ORA) has earned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $131.75.

A number of analysts recently commented on the stock. Sanford C. Bernstein initiated coverage on shares of Ormat Technologies in a research report on Tuesday, June 16th. They issued an “underperform” rating and a $115.00 price objective for the company. Oppenheimer reiterated an “outperform” rating and set a $144.00 target price on shares of Ormat Technologies in a report on Friday, May 8th. UBS Group boosted their target price on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Wolfe Research initiated coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating for the company. Finally, Barclays raised their price target on Ormat Technologies from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th.

Ormat Technologies Stock Down 4.5%

Shares of NYSE ORA opened at $99.18 on Friday. The stock has a market cap of $6.09 billion, a P/E ratio of 48.15, a P/E/G ratio of 4.24 and a beta of 0.88. The firm has a 50 day moving average price of $123.34 and a 200 day moving average price of $118.68. 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 has a 52-week low of $84.13 and a 52-week high of $146.39.

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

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors 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 yield of 0.5%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is presently 23.30%.

Insider Activity

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the sale, the chief financial officer directly owned 1,970 shares in the company, valued at approximately $265,457.50. This trade represents a 90.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares in the company, valued at approximately $237,403.38. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,585 shares of company stock worth $4,090,998. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd acquired a new position in Ormat Technologies in the 4th quarter worth $26,000. Main Street Group LTD bought a new position in Ormat Technologies during the 1st quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies during the 4th quarter worth about $31,000. Los Angeles Capital Management LLC acquired a new stake in shares of Ormat Technologies in the 4th quarter valued at about $32,000. Finally, Wolff Wiese Magana LLC acquired a new stake in shares of Ormat Technologies in the 4th quarter valued at about $33,000. 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.