Ormat Technologies, Inc. (NYSE:ORA) Receives $130.83 Consensus Target Price from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have earned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $130.8333.

Several research analysts have weighed in on the company. Barclays cut their price objective on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. UBS Group lifted their price objective on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Oppenheimer reduced their price objective on Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $105.35 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. Ormat Technologies has a 12 month low of $89.08 and a 12 month high of $146.39. The firm has a market capitalization of $6.48 billion, a PE ratio of 51.90, a price-to-earnings-growth ratio of 4.38 and a beta of 0.90. The firm has a fifty day simple moving average of $110.23 and a two-hundred day simple moving average of $116.45.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. The business had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 EPS. Analysts forecast that Ormat Technologies will post 2.47 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

Insider Buying and Selling

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the transaction, the director directly owned 5,800 shares in the company, valued at approximately $802,836. This represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after buying an additional 540,000 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after acquiring an additional 30,910 shares during the period. Legato Capital Management LLC purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at about $1,319,000. Deutsche Bank AG bought a new stake in Ormat Technologies during the second quarter valued at approximately $42,015,000. Finally, Nicholas Investment Partners LP bought a new stake in shares of Ormat Technologies during the 4th quarter valued at $4,835,000. Institutional investors own 95.49% of the company’s stock.

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.