Ormat Technologies (NYSE:ORA) Hits New 12-Month Low – Here’s Why

Ormat Technologies, Inc. (NYSE:ORA) shares hit a new 52-week low on Wednesday . The stock traded as low as $90.62 and last traded at $91.2350, with a volume of 785568 shares traded. The stock had previously closed at $91.20.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Ormat Technologies from $122.00 to $131.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Royal Bank Of Canada restated an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Sanford C. Bernstein raised shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price target for the company in a report on Friday, September 4th. Wall Street Zen downgraded shares of Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Barclays lowered their price objective on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $130.75.

Ormat Technologies Price Performance

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The company has a market capitalization of $5.99 billion, a P/E ratio of 48.01, a P/E/G ratio of 3.53 and a beta of 0.90. The firm’s fifty day moving average is $104.02 and its 200 day moving average is $114.20.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 10.66% and a return on equity of 6.61%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share. As a group, analysts predict that Ormat Technologies, Inc. will post 2.6 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s payout ratio is presently 23.65%.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Ormat Technologies in the second quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Ormat Technologies in the 2nd quarter worth $259,568,000. Canada Pension Plan Investment Board bought a new position in shares of Ormat Technologies during the 2nd quarter worth $173,638,000. Norges Bank purchased a new position in shares of Ormat Technologies during the fourth quarter valued at $86,545,000. Finally, Legal & General Group Plc bought a new stake in shares of Ormat Technologies in the second quarter valued at about $77,650,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.