Ormat Technologies, Inc. (NYSE:ORA) Given Average Rating of “Hold” by Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given an average recommendation of “Hold” by the eight analysts that are presently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $82.25.

Several research firms recently weighed in on ORA. Oppenheimer raised their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Piper Sandler initiated coverage on Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price for the company. Roth Mkm reissued a “buy” rating and set a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Finally, Jefferies Financial Group initiated coverage on Ormat Technologies in a report on Friday, January 10th. They set a “hold” rating and a $73.00 price objective for the company.

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the sale, the director now directly owns 3,576 shares in the company, valued at approximately $293,232. The trade was a 25.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the insider now directly 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 position. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ORA. Entropy Technologies LP boosted its holdings in shares of Ormat Technologies by 18.1% during the 4th quarter. Entropy Technologies LP now owns 6,467 shares of the energy company’s stock valued at $438,000 after purchasing an additional 993 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Ormat Technologies during the 4th quarter valued at about $265,000. Y.D. More Investments Ltd boosted its holdings in shares of Ormat Technologies by 13.2% during the 4th quarter. Y.D. More Investments Ltd now owns 524,416 shares of the energy company’s stock valued at $36,030,000 after purchasing an additional 61,236 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Ormat Technologies by 6.8% during the 4th quarter. Retirement Systems of Alabama now owns 69,805 shares of the energy company’s stock valued at $4,727,000 after purchasing an additional 4,447 shares during the last quarter. Finally, Everett Harris & Co. CA boosted its holdings in shares of Ormat Technologies by 40.0% during the 4th quarter. Everett Harris & Co. CA now owns 7,000 shares of the energy company’s stock valued at $474,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

ORA opened at $62.51 on Wednesday. Ormat Technologies has a 12-month low of $59.41 and a 12-month high of $84.30. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 3.01 and a beta of 0.57. The business has a 50 day moving average of $71.94 and a 200-day moving average of $74.73. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $215.53 million. During the same quarter last year, the company 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 expect that Ormat Technologies will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.77%. Ormat Technologies’s dividend payout ratio is currently 24.49%.

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.