Ormat Technologies, Inc. to Issue Quarterly Dividend of $0.12 (NYSE:ORA)

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Shareholders of record on Wednesday, May 22nd will be given a dividend of 0.12 per share by the energy company on Wednesday, June 5th. This represents a $0.48 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Tuesday, May 21st.

Ormat Technologies has raised its dividend by an average of 2.9% annually over the last three years. Ormat Technologies has a dividend payout ratio of 19.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ormat Technologies to earn $2.34 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 20.5%.

Ormat Technologies Price Performance

NYSE:ORA traded up $0.46 during mid-day trading on Friday, reaching $69.39. 37,127 shares of the company were exchanged, compared to its average volume of 472,190. The company has a quick ratio of 1.12, a current ratio of 1.20 and a debt-to-equity ratio of 0.64. The company has a fifty day moving average of $65.15 and a 200 day moving average of $66.92. Ormat Technologies has a 12 month low of $58.73 and a 12 month high of $88.26. The stock has a market cap of $4.19 billion, a PE ratio of 32.98, a PEG ratio of 3.16 and a beta of 0.48.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, February 21st. The energy company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. The business had revenue of $241.30 million during the quarter, compared to the consensus estimate of $239.71 million. Ormat Technologies had a net margin of 15.00% and a return on equity of 5.09%. Ormat Technologies’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.73 earnings per share. On average, research analysts anticipate that Ormat Technologies will post 2.14 EPS for the current fiscal year.

Insider Activity

In other news, Director Stanley Stern sold 1,825 shares of Ormat Technologies stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $66.95, for a total value of $122,183.75. Following the completion of the transaction, the director now directly owns 4,835 shares in the company, valued at $323,703.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

ORA has been the subject of a number of research reports. Oppenheimer decreased their price objective on Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating for the company in a report on Friday, January 19th. TD Cowen upped their price target on shares of Ormat Technologies from $70.00 to $76.00 and gave the company a “hold” rating in a research note on Friday. Finally, Barclays lowered their price target on shares of Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ormat Technologies has an average rating of “Hold” and an average price target of $82.00.

Ormat Technologies Company Profile

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.