Ormat Technologies, Inc. (NYSE:ORA) Declares $0.12 Quarterly Dividend

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Shareholders of record on Wednesday, November 20th will be paid a dividend of 0.12 per share by the energy company on Wednesday, December 4th. This represents a $0.48 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date of this dividend is Wednesday, November 20th.

Ormat Technologies has raised its dividend payment by an average of 2.9% annually over the last three years. Ormat Technologies has a dividend payout ratio of 21.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.11 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.7%.

Ormat Technologies Stock Up 0.5 %

ORA stock opened at $79.40 on Tuesday. The firm has a market cap of $4.80 billion, a PE ratio of 40.51, a PEG ratio of 4.09 and a beta of 0.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The firm’s 50 day moving average price is $77.79 and its 200-day moving average price is $74.86. Ormat Technologies has a one year low of $59.41 and a one year high of $84.30.

Ormat Technologies (NYSE:ORA) last posted its earnings results 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. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The company had revenue of $211.80 million during the quarter, compared to analysts’ expectations of $215.53 million. During the same quarter last year, the firm earned $0.47 earnings per share. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Ormat Technologies will post 1.93 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Oppenheimer lifted their target price on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $84.50.

Insider Activity at Ormat Technologies

In related news, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 6,906 shares of the company’s stock, valued at $517,811.88. The trade was a 15.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dafna Sharir sold 433 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total value of $32,436.03. Following the transaction, the director now directly owns 3,561 shares of the company’s stock, valued at $266,754.51. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

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.