Roth Capital Has Negative Forecast for ORA FY2024 Earnings

Ormat Technologies, Inc. (NYSE:ORA) – Equities research analysts at Roth Capital decreased their FY2024 earnings per share (EPS) estimates for Ormat Technologies in a note issued to investors on Thursday, November 7th. Roth Capital analyst J. Clare now anticipates that the energy company will post earnings per share of $1.88 for the year, down from their previous forecast of $1.96. The consensus estimate for Ormat Technologies’ current full-year earnings is $1.90 per share. Roth Capital also issued estimates for Ormat Technologies’ Q4 2024 earnings at $0.51 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.69 EPS, FY2025 earnings at $2.30 EPS and FY2026 earnings at $2.69 EPS.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The company had revenue of $211.80 million for the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. Ormat Technologies’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 EPS.

Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Roth Mkm reissued a “buy” rating and set a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research report on Friday. Finally, Oppenheimer raised their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $84.50.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $83.84 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73. The firm’s 50-day moving average price is $77.14 and its 200-day moving average price is $74.35. The firm has a market capitalization of $5.07 billion, a P/E ratio of 42.78, a P/E/G ratio of 4.34 and a beta of 0.53. Ormat Technologies has a 1-year low of $58.73 and a 1-year high of $84.30.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend is Wednesday, November 20th. Ormat Technologies’s payout ratio is 24.49%.

Insiders Place Their Bets

In related news, Director Byron G. Wong sold 1,266 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the completion of the sale, the director now directly owns 6,906 shares of the company’s stock, valued at approximately $517,811.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Ormat Technologies news, Director Dafna Sharir sold 433 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the transaction, the director now directly owns 3,561 shares of the company’s stock, valued at approximately $266,754.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the sale, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after purchasing an additional 229 shares during the period. Harrington Investments INC increased its holdings in shares of Ormat Technologies by 3.0% in the second quarter. Harrington Investments INC now owns 7,950 shares of the energy company’s stock worth $570,000 after purchasing an additional 230 shares during the period. Arizona State Retirement System raised its position in shares of Ormat Technologies by 1.9% in the second quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock worth $1,091,000 after buying an additional 286 shares in the last quarter. UMB Bank n.a. boosted its stake in 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 buying an additional 320 shares during the period. Finally, GAMMA Investing LLC increased its stake in Ormat Technologies by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after acquiring an additional 321 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

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.