Ormat Technologies (NYSE:ORA) Stock Jumps 4.6% – Here’s Why

Ormat Technologies, Inc. (NYSE:ORA)’s share price was up 4.6% during trading on Monday. The stock traded as high as $92.64 and last traded at $92.9880. 149,808 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 859,017 shares. The stock had previously closed at $88.92.

Analyst Ratings Changes

Several analysts have issued reports on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. TD Cowen upgraded Ormat Technologies to a “strong-buy” rating in a research note on Monday, October 5th. Jefferies Financial Group reissued a “hold” rating and issued a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Finally, Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $130.75.

Ormat Technologies Price Performance

The stock has a market capitalization of $5.60 billion, a P/E ratio of 44.85, a price-to-earnings-growth ratio of 3.48 and a beta of 0.90. The firm has a 50-day moving average price of $100.37 and a 200 day moving average price of $112.12. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 EPS. On average, analysts expect that Ormat Technologies, Inc. will post 2.63 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s payout ratio is presently 23.65%.

Institutional Trading of Ormat Technologies

A number of institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Ormat Technologies by 14.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,623 shares of the energy company’s stock worth $148,000 after buying an additional 210 shares during the last quarter. Green Alpha Advisors LLC lifted its position in Ormat Technologies by 16.3% during the 3rd quarter. Green Alpha Advisors LLC now owns 7,050 shares of the energy company’s stock valued at $645,000 after acquiring an additional 987 shares during the period. Farther Finance Advisors LLC lifted its position in Ormat Technologies by 57.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,232 shares of the energy company’s stock valued at $113,000 after acquiring an additional 449 shares during the period. Versant Capital Management Inc boosted its stake in Ormat Technologies by 73.4% during the third quarter. Versant Capital Management Inc now owns 579 shares of the energy company’s stock worth $53,000 after acquiring an additional 245 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in Ormat Technologies during the second quarter worth about $697,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.