Ormat Technologies, Inc. (NYSE:ORA) Receives $84.14 Average Price Target from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have received a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $84.14.

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. Baird R W raised Ormat Technologies to a “hold” rating in a report on Thursday, March 13th. Robert W. Baird assumed coverage on Ormat Technologies in a report on Thursday, March 13th. They issued a “neutral” rating and a $81.00 price objective for the company. Wall Street Zen upgraded Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Monday, April 7th. Finally, Jefferies Financial Group boosted their price target on Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, March 25th.

Insider Activity

In related news, Director David Granot sold 950 shares of Ormat Technologies stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $73.10, for a total transaction of $69,445.00. Following the transaction, the director now owns 2,713 shares in the company, valued at approximately $198,320.30. The trade was a 25.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dafna Sharir sold 876 shares of Ormat Technologies stock in a transaction on Monday, May 19th. The shares were sold at an average price of $75.00, for a total transaction of $65,700.00. Following the transaction, the director now owns 4,438 shares in the company, valued at approximately $332,850. This trade represents a 16.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,869 shares of company stock valued at $384,785 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ORA. Vanguard Group Inc. lifted its position in shares of Ormat Technologies by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock valued at $409,305,000 after acquiring an additional 274,540 shares in the last quarter. Impax Asset Management Group plc lifted its position in shares of Ormat Technologies by 7.3% in the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock valued at $162,586,000 after acquiring an additional 163,505 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Ormat Technologies by 19.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock worth $133,770,000 after purchasing an additional 303,756 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Ormat Technologies by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company’s stock worth $93,029,000 after purchasing an additional 72,135 shares in the last quarter. Finally, Van Berkom & Associates Inc. lifted its holdings in Ormat Technologies by 2.7% in the 1st quarter. Van Berkom & Associates Inc. now owns 1,280,026 shares of the energy company’s stock worth $90,587,000 after purchasing an additional 33,719 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

NYSE ORA opened at $85.41 on Friday. Ormat Technologies has a one year low of $61.58 and a one year high of $87.20. The stock has a 50-day moving average of $75.48 and a 200 day moving average of $70.97. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of 41.46, a PEG ratio of 4.13 and a beta of 0.60. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.97.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.10. Ormat Technologies had a net margin of 14.18% and a return on equity of 5.35%. The firm had revenue of $229.76 million during the quarter, compared to analyst estimates of $228.33 million. During the same period in the previous year, the business posted $0.64 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 21st were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.56%. The ex-dividend date was Wednesday, May 21st. Ormat Technologies’s dividend payout ratio is presently 23.30%.

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.