Ormat Technologies (NYSE:ORA) Shares Gap Up – Should You Buy?

Ormat Technologies, Inc. (NYSE:ORA) gapped up before the market opened on Monday . The stock had previously closed at $67.52, but opened at $69.47. Ormat Technologies shares last traded at $67.76, with a volume of 119,858 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ORA. Roth Mkm restated a “buy” rating and set a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Piper Sandler assumed coverage on shares of Ormat Technologies in a research note on Thursday. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Oppenheimer raised their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $83.57.

Ormat Technologies Price Performance

The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The stock’s 50 day moving average price is $78.62 and its two-hundred day moving average price is $75.72. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 35.14, a P/E/G ratio of 3.75 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. The company had revenue of $211.80 million during the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 earnings per share. Analysts anticipate that Ormat Technologies, Inc. will post 1.93 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, November 20th. This represents a $0.48 annualized dividend and a yield of 0.70%. Ormat Technologies’s dividend payout ratio (DPR) is presently 24.49%.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 1,256 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of the company’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 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 disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds have recently modified their holdings of the stock. Global Alpha Capital Management Ltd. boosted its stake in Ormat Technologies by 6.1% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock valued at $188,125,000 after buying an additional 140,882 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ormat Technologies by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock valued at $104,030,000 after purchasing an additional 86,291 shares in the last quarter. Van Berkom & Associates Inc. grew its holdings in shares of Ormat Technologies by 2.0% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,322,936 shares of the energy company’s stock worth $94,855,000 after purchasing an additional 25,799 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Ormat Technologies by 1.8% during the 3rd 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 last quarter. Finally, Bank of New York Mellon Corp boosted its position in Ormat Technologies by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company’s stock valued at $40,154,000 after buying an additional 15,004 shares in the last quarter. 95.49% of the stock is 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.