Ormat Technologies, Inc. (NYSE:ORA) Receives Consensus Rating of “Hold” from Analysts

Ormat Technologies, Inc. (NYSE:ORA) has earned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $83.57.

ORA has been the topic of a number of recent research reports. Piper Sandler initiated coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price on the stock. Oppenheimer increased their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Roth Mkm reiterated a “buy” rating and set a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th.

Ormat Technologies Trading Down 1.1 %

Shares of Ormat Technologies stock opened at $67.72 on Friday. The company has a 50-day moving average of $77.10 and a two-hundred day moving average of $75.40. Ormat Technologies has a 12-month low of $59.41 and a 12-month high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market cap of $4.10 billion, a PE ratio of 34.55, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.05. The firm 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%. Ormat Technologies’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, research analysts anticipate that Ormat Technologies will post 1.93 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.71%. Ormat Technologies’s dividend payout ratio is presently 24.49%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of the business’s 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 owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Granot sold 1,256 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the completion of the transaction, the director now owns 3,576 shares in the company, valued at approximately $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Institutional Trading of Ormat Technologies

Several large investors have recently added to or reduced their stakes in ORA. Tidal Investments LLC grew its position in Ormat Technologies by 36.8% in the third quarter. Tidal Investments LLC now owns 45,642 shares of the energy company’s stock valued at $3,512,000 after acquiring an additional 12,272 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Ormat Technologies by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company’s stock valued at $100,140,000 after purchasing an additional 22,714 shares during the period. Holocene Advisors LP grew its holdings in Ormat Technologies by 28.7% during the 3rd quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after purchasing an additional 10,718 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Ormat Technologies during the 3rd quarter worth $19,096,000. Finally, Summit Partners Public Asset Management LLC lifted its holdings in Ormat Technologies by 16.7% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock worth $26,929,000 after buying an additional 50,000 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.