Ormat Technologies (NYSE:ORA) Reaches New 12-Month High – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA) hit a new 52-week high on Wednesday . The company traded as high as $133.56 and last traded at $131.0340, with a volume of 505985 shares trading hands. The stock had previously closed at $126.20.

Wall Street Analyst Weigh In

ORA has been the topic of a number of research reports. Citigroup boosted their price objective on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 18th. Barclays increased their target price on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Roth Mkm reaffirmed a “buy” rating and issued a $135.00 price target on shares of Ormat Technologies in a research report on Monday. Oppenheimer reiterated an “outperform” rating and set a $144.00 price target on shares of Ormat Technologies in a report on Friday, May 8th. Finally, Robert W. Baird lowered their price objective on shares of Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Moderate Buy” and an average price target of $131.64.

Ormat Technologies Price Performance

The company’s 50 day moving average price is $113.25 and its 200 day moving average price is $114.25. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 64.43, a P/E/G ratio of 5.72 and a beta of 0.80.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The firm had revenue of $403.91 million during the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The firm’s quarterly revenue was up 75.8% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. On average, equities research analysts predict that Ormat Technologies, Inc. will post 2.33 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies’s payout ratio is presently 23.30%.

Insider Buying and Selling

In related news, Director Dafna Sharir sold 883 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $122.44, for a total transaction of $108,114.52. Following the sale, the director directly owned 3,140 shares in the company, valued at $384,461.60. This represents a 21.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jessica Woelfel sold 2,359 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the transaction, the insider directly owned 3,433 shares in the company, valued at approximately $361,014.28. This represents a 40.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 4,247 shares of company stock worth $461,735. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds have recently added to or reduced their stakes in ORA. Aster Capital Management DIFC Ltd bought a new position in shares of Ormat Technologies in the fourth quarter worth about $26,000. Main Street Group LTD acquired a new stake in shares of Ormat Technologies in the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies in the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC bought a new position in Ormat Technologies in the 4th quarter valued at $32,000. Finally, Wolff Wiese Magana LLC bought a new stake in shares of Ormat Technologies during the fourth quarter worth $33,000. 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.