Ormat Technologies (NYSE:ORA) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a research note issued to investors on Friday morning, Marketbeat Ratings reports. The brokerage issued a hold rating and a $73.00 price objective on the energy company’s stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price on the stock. Roth Mkm reissued a “buy” rating and issued a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Finally, Oppenheimer increased their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $82.25.

Ormat Technologies Trading Down 3.9 %

Shares of ORA opened at $65.88 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. Ormat Technologies has a one year low of $59.41 and a one year high of $84.30. The stock has a 50-day moving average price of $75.80 and a 200 day moving average price of $75.23. The company has a market capitalization of $3.98 billion, a P/E ratio of 33.61, a P/E/G ratio of 3.75 and a beta of 0.57.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. The company had revenue of $211.80 million during the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 EPS. Sell-side analysts forecast that Ormat Technologies will post 1.93 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.73%. Ormat Technologies’s payout ratio is currently 24.49%.

Insider Activity

In other news, Director David Granot sold 1,256 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the transaction, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. The trade was a 25.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. increased its position in Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after acquiring an additional 229 shares during the period. Versant Capital Management Inc grew its stake in shares of Ormat Technologies by 132.4% in the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after purchasing an additional 229 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Ormat Technologies by 1.9% during the second quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock valued at $1,091,000 after purchasing an additional 286 shares during the period. UMB Bank n.a. raised its stake in shares of Ormat Technologies by 107.7% during the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Ormat Technologies by 44.0% in the third quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after purchasing an additional 321 shares during the period. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Company Profile

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.