Ormat Technologies (NYSE:ORA) Hits New 52-Week High After Analyst Upgrade

Ormat Technologies, Inc. (NYSE:ORA) shares reached a new 52-week high during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $100.00 to $115.00. TD Cowen currently has a hold rating on the stock. Ormat Technologies traded as high as $116.66 and last traded at $115.7780, with a volume of 313230 shares changing hands. The stock had previously closed at $113.11.

A number of other research firms have also issued reports on ORA. Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 target price on shares of Ormat Technologies in a report on Monday, November 24th. UBS Group increased their price target on Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 7th. JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Oppenheimer restated an “outperform” rating and set a $125.00 target price on shares of Ormat Technologies in a research note on Wednesday, November 5th. Finally, Piper Sandler upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $102.00 in a research note on Wednesday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $117.67.

Insider Buying and Selling

In related news, CFO Assi Ginzburg sold 20,000 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $112.72, for a total value of $2,254,400.00. Following the completion of the sale, the chief financial officer directly owned 4,482 shares of the company’s stock, valued at $505,211.04. This represents a 81.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica Woelfel sold 5,611 shares of Ormat Technologies stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $94.80, for a total value of $531,922.80. Following the transaction, the insider directly owned 3,433 shares in the company, valued at approximately $325,448.40. This trade represents a 62.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,418 shares of company stock valued at $7,580,300 over the last three months. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Ormat Technologies in the 2nd quarter valued at about $56,458,000. Canada Pension Plan Investment Board grew its position in Ormat Technologies by 7,951.9% during the first quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock worth $46,726,000 after buying an additional 652,055 shares during the period. Groupama Asset Managment purchased a new position in Ormat Technologies in the second quarter valued at about $41,880,000. Dimensional Fund Advisors LP lifted its position in shares of Ormat Technologies by 19.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock valued at $133,770,000 after acquiring an additional 303,756 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Ormat Technologies during the 2nd quarter worth approximately $18,310,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Trading Up 2.2%

The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 53.11, a PEG ratio of 5.02 and a beta of 0.74. The business has a fifty day moving average of $108.85 and a two-hundred day moving average of $94.79. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $249.73 million for the quarter, compared to analyst estimates of $235.03 million. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 EPS. As a group, equities analysts expect that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s dividend payout ratio is 22.02%.

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.