Ormat Technologies (NYSE:ORA) Reaches New 1-Year Low – Here’s What Happened

Ormat Technologies, Inc. (NYSE:ORA)’s share price reached a new 52-week low during mid-day trading on Monday. The company traded as low as $86.74 and last traded at $87.02, with a volume of 130,185 shares changing hands. The stock had previously closed at $89.31.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Sanford C. Bernstein upgraded shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective for the company in a research report on Friday, September 4th. Zacks Research downgraded shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research note on Friday, October 9th. Jefferies Financial Group reiterated a “hold” rating and set a $117.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $130.75.

Ormat Technologies Price Performance

The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 42.78, a PEG ratio of 3.39 and a beta of 0.90. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average price of $99.44 and a 200 day moving average price of $111.66.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The business had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the prior year, the firm posted $0.48 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Ormat Technologies, Inc. will post 2.63 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

Institutional Trading of Ormat Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Main Street Group LTD bought a new stake in shares of Ormat Technologies during the first quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new position in Ormat Technologies in the fourth quarter valued at approximately $31,000. Quantbot Technologies LP bought a new position in Ormat Technologies in the second quarter valued at approximately $33,000. Allworth Financial LP bought a new position in Ormat Technologies in the second quarter valued at approximately $40,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Ormat Technologies during the 2nd quarter worth $46,000. 95.49% of the stock is owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.