Ormat Technologies, Inc. (NYSE:ORA) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given an average rating of “Moderate Buy” by the fourteen analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $131.75.

ORA has been the topic of several recent research reports. Roth Capital restated a “buy” rating and set a $135.00 target price on shares of Ormat Technologies in a research report on Monday, May 11th. Oppenheimer reiterated an “outperform” rating and issued a $144.00 price target on shares of Ormat Technologies in a research report on Friday, May 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Wolfe Research started coverage on Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating on the stock. Finally, UBS Group raised their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $96.78 on Friday. The company has a market cap of $5.95 billion, a price-to-earnings ratio of 46.98, a PEG ratio of 4.02 and a beta of 0.88. The firm’s fifty day moving average is $120.67 and its 200 day moving average is $118.21. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. Ormat Technologies has a 52-week low of $84.13 and a 52-week high of $146.39.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. During the same period last year, the company posted $0.68 EPS. The business’s revenue was up 75.8% on a year-over-year basis. Sell-side analysts forecast that Ormat Technologies will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. Ormat Technologies’s payout ratio is currently 23.30%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 4,500 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total transaction of $604,440.00. Following the transaction, the director owned 5,925 shares in the company, valued at $795,846. The trade was a 43.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michal Marom sold 3,080 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total transaction of $403,387.60. Following the transaction, the director owned 1,766 shares in the company, valued at $231,293.02. This trade represents a 63.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,585 shares of company stock worth $4,090,998 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors have recently made changes to their positions in ORA. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock valued at $97,935,000 after purchasing an additional 540,000 shares during the last quarter. Legato Capital Management LLC bought a new stake in Ormat Technologies in the fourth quarter worth about $1,319,000. Jennison Associates LLC lifted its stake in Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after purchasing an additional 30,910 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Ormat Technologies by 259.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock valued at $7,935,000 after buying an additional 51,830 shares during the period. Finally, Nicholas Investment Partners LP purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $4,835,000. 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.