Ormat Technologies (NYSE:ORA) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Ormat Technologies (NYSE:ORA) in a research report released on Friday morning, Marketbeat Ratings reports. The firm issued a hold rating and a $73.00 price target on the energy company’s stock.

Other equities analysts have also issued research reports about the company. Roth Mkm reiterated a “buy” rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Piper Sandler initiated coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, Oppenheimer lifted their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $82.25.

Ormat Technologies Stock Down 3.9 %

NYSE ORA opened at $65.88 on Friday. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The company has a market capitalization of $3.98 billion, a P/E ratio of 33.61, a PEG ratio of 3.75 and a beta of 0.57. The company’s 50 day simple moving average is $75.80 and its 200 day simple moving average is $75.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The company had revenue of $211.80 million for 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%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 earnings per share. Equities research analysts expect that Ormat Technologies will post 1.93 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.73%. Ormat Technologies’s dividend payout ratio is 24.49%.

Insider Buying and Selling

In other news, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Granot sold 1,256 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ORA. Susquehanna International Group Ltd. acquired a new stake in shares of Ormat Technologies during the 2nd quarter valued at about $1,006,000. Chesapeake Capital Corp IL acquired a new position in Ormat Technologies in the third quarter worth approximately $522,000. Holocene Advisors LP raised its position in Ormat Technologies by 28.7% during the third quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after acquiring an additional 10,718 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Ormat Technologies by 23.1% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 178,217 shares of the energy company’s stock valued at $12,778,000 after acquiring an additional 33,439 shares during the last quarter. Finally, Wesbanco Bank Inc. bought a new stake in Ormat Technologies in the third quarter worth approximately $1,731,000. Hedge funds and other institutional investors own 95.49% 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.