Ormat Technologies, Inc. (NYSE:ORA) Stock Has Average Target Price of $130.75 According to Brokerages

Ormat Technologies, Inc. (NYSE:ORA) has received a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $130.75.

Several brokerages have commented on ORA. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $130.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the company a “neutral” rating in a report on Wednesday, September 9th. TD Cowen upgraded shares of Ormat Technologies to a “strong-buy” rating in a report on Monday, October 5th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $117.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th.

Ormat Technologies Trading Down 0.1%

NYSE ORA opened at $88.80 on Friday. The firm has a market cap of $5.46 billion, a P/E ratio of 43.75, a P/E/G ratio of 3.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The stock’s 50-day moving average is $100.68 and its 200-day moving average is $112.39. Ormat Technologies has a one year low of $87.06 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share 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 analysts’ expectations of $240.03 million. During the same quarter in the previous year, the business posted $0.48 EPS. Ormat Technologies’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Ormat Technologies will post 2.63 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business 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 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies’s payout ratio is currently 23.65%.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ORA. GAMMA Investing LLC raised its stake in shares of Ormat Technologies by 14.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,623 shares of the energy company’s stock valued at $148,000 after purchasing an additional 210 shares during the period. Green Alpha Advisors LLC lifted its holdings in shares of Ormat Technologies by 16.3% in the third quarter. Green Alpha Advisors LLC now owns 7,050 shares of the energy company’s stock valued at $645,000 after purchasing an additional 987 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Ormat Technologies by 57.3% during the third quarter. Farther Finance Advisors LLC now owns 1,232 shares of the energy company’s stock worth $113,000 after buying an additional 449 shares during the period. Versant Capital Management Inc boosted its position in shares of Ormat Technologies by 73.4% during the third quarter. Versant Capital Management Inc now owns 579 shares of the energy company’s stock worth $53,000 after buying an additional 245 shares during the period. Finally, WINTON GROUP Ltd acquired a new position in shares of Ormat Technologies during the second quarter worth about $697,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

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.