Ormat Technologies (NYSE:ORA) Upgraded at Barclays

Barclays upgraded shares of Ormat Technologies (NYSE:ORA) from an equal weight rating to an overweight rating in a report released on Friday morning, MarketBeat reports. The brokerage currently has $86.00 target price on the energy company’s stock, up from their previous target price of $80.00.

A number of other research analysts also recently weighed in on ORA. Robert W. Baird assumed coverage on Ormat Technologies in a research note on Thursday, March 13th. They issued a “neutral” rating and a $81.00 price target on the stock. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Baird R W upgraded shares of Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Wall Street Zen upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Monday, April 7th. Finally, Jefferies Financial Group upped their price objective on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Ormat Technologies has a consensus rating of “Hold” and a consensus price target of $84.14.

Ormat Technologies Stock Performance

ORA stock opened at $77.83 on Friday. The business’s fifty day moving average is $72.15 and its 200-day moving average is $70.70. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The company has a market cap of $4.72 billion, a P/E ratio of 39.71, a price-to-earnings-growth ratio of 3.18 and a beta of 0.60. Ormat Technologies has a twelve month low of $61.58 and a twelve month high of $84.30.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. The company had revenue of $229.76 million for the quarter, compared to the consensus estimate of $228.33 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. Equities research analysts forecast that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 21st were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date was Wednesday, May 21st. Ormat Technologies’s dividend payout ratio is currently 23.30%.

Insiders Place Their Bets

In other Ormat Technologies news, Director Dafna Sharir sold 876 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $75.00, for a total transaction of $65,700.00. Following the completion of the transaction, the director now owns 4,438 shares in the company, valued at approximately $332,850. This represents a 16.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michal Marom sold 895 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $73.47, for a total value of $65,755.65. Following the transaction, the director now owns 3,080 shares of the company’s stock, valued at approximately $226,287.60. This trade represents a 22.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,297 shares of company stock worth $242,374. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Large investors have recently added to or reduced their stakes in the company. Bailard Inc. grew its holdings in shares of Ormat Technologies by 0.9% in the 4th quarter. Bailard Inc. now owns 19,446 shares of the energy company’s stock valued at $1,317,000 after acquiring an additional 169 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Ormat Technologies by 1.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 16,100 shares of the energy company’s stock valued at $1,139,000 after acquiring an additional 200 shares in the last quarter. Securian Asset Management Inc. grew its holdings in shares of Ormat Technologies by 5.1% in the 4th quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company’s stock valued at $295,000 after acquiring an additional 212 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Ormat Technologies by 6.3% in the 1st quarter. Mackenzie Financial Corp now owns 3,687 shares of the energy company’s stock valued at $261,000 after acquiring an additional 220 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Ormat Technologies by 30.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,072 shares of the energy company’s stock valued at $76,000 after acquiring an additional 252 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.