Analysts Set Ormat Technologies, Inc. (NYSE:ORA) Price Target at $117.67

Shares of Ormat Technologies, Inc. (NYSE:ORA) have earned a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $117.6667.

Several analysts have issued reports on ORA shares. TD Cowen upped their price target on shares of Ormat Technologies from $100.00 to $115.00 and gave the company a “hold” rating in a report on Thursday, December 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Ormat Technologies in a research note on Wednesday, November 5th. Piper Sandler upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and increased their target price for the company from $90.00 to $102.00 in a report on Wednesday, September 17th. UBS Group boosted their price target on Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th.

Insiders Place Their Bets

In other Ormat Technologies news, Director Isaac Angel sold 18,018 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.42, for a total value of $2,025,583.56. Following the completion of the transaction, the director directly owned 29,650 shares in the company, valued at approximately $3,333,253. The trade was a 37.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Doron Blachar sold 14,994 shares of the firm’s stock in a transaction on Monday, September 29th. The stock was sold at an average price of $94.71, for a total value of $1,420,081.74. Following the sale, the chief executive officer owned 35,419 shares in the company, valued at $3,354,533.49. This trade represents a 29.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 72,418 shares of company stock valued at $7,580,300. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

Several large investors have recently added to or reduced their stakes in ORA. Sequoia Financial Advisors LLC purchased a new stake in Ormat Technologies during the second quarter worth approximately $358,000. Voya Investment Management LLC lifted its holdings in shares of Ormat Technologies by 19.2% during the 1st quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company’s stock valued at $6,837,000 after acquiring an additional 15,532 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Ormat Technologies by 100.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock valued at $2,513,000 after acquiring an additional 15,000 shares in the last quarter. Nuveen LLC purchased a new stake in Ormat Technologies during the 1st quarter worth $14,453,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Ormat Technologies by 54.6% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company’s stock valued at $2,835,000 after purchasing an additional 11,952 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Stock Up 0.1%

Ormat Technologies stock opened at $113.47 on Friday. Ormat Technologies has a fifty-two week low of $61.58 and a fifty-two week high of $116.66. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 52.05, a price-to-earnings-growth ratio of 5.12 and a beta of 0.74. The stock’s fifty day moving average is $109.58 and its two-hundred day moving average is $95.82. 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 results on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $249.73 million during the quarter, compared to the consensus estimate of $235.03 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The business’s revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. Analysts predict that Ormat Technologies will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, November 17th. Ormat Technologies’s dividend payout ratio (DPR) is currently 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.