Ormat Technologies (NYSE:ORA) Reaches New 1-Year High – Should You Buy?

Ormat Technologies, Inc. (NYSE:ORA) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $126.36 and last traded at $126.1870, with a volume of 459694 shares trading hands. The stock had previously closed at $123.59.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ORA. Roth Mkm reiterated a “buy” rating on shares of Ormat Technologies in a research report on Tuesday, January 13th. Piper Sandler lifted their price objective on Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Robert W. Baird set a $143.00 target price on shares of Ormat Technologies in a report on Wednesday, January 14th. JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Finally, Barclays dropped their price objective on shares of Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $126.44.

Ormat Technologies Trading Up 2.1%

The firm has a market cap of $7.67 billion, a P/E ratio of 57.88, a price-to-earnings-growth ratio of 4.91 and a beta of 0.71. The business’s 50 day moving average is $114.27 and its 200-day moving average is $103.13. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79.

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

Ormat Technologies Announces Dividend

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

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 721 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $115.00, for a total value of $82,915.00. Following the transaction, the insider owned 3,433 shares of the company’s stock, valued at $394,795. This trade represents a 17.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ravit Barniv sold 1,753 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.54, for a total value of $197,282.62. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 40,860 shares of company stock worth $4,601,530 in the last ninety days. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ORA. Dimensional Fund Advisors LP raised its stake in shares of Ormat Technologies by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company’s stock valued at $179,651,000 after purchasing an additional 22,748 shares in the last quarter. Geode Capital Management LLC boosted its stake in Ormat Technologies by 3.4% during the second quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock valued at $122,902,000 after buying an additional 48,038 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after acquiring an additional 413,384 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Ormat Technologies by 1.9% in the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company’s stock valued at $72,296,000 after acquiring an additional 14,069 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.