Analysts Set Ormat Technologies, Inc. (NYSE:ORA) Target Price at $130.75

Shares of Ormat Technologies, Inc. (NYSE:ORA) have received an average rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $130.75.

Several equities analysts have weighed in on ORA shares. Oppenheimer lifted their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Sanford C. Bernstein raised shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective for the company in a research note on Friday, September 4th. Wall Street Zen downgraded shares of Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Royal Bank Of Canada restated an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th.

Ormat Technologies Stock Up 0.7%

NYSE ORA opened at $91.88 on Monday. Ormat Technologies has a 52 week low of $90.62 and a 52 week high of $146.39. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $5.65 billion, a P/E ratio of 45.26, a price-to-earnings-growth ratio of 3.69 and a beta of 0.90. The stock’s 50-day moving average price is $104.28 and its 200-day moving average price is $114.25.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. The company had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS. On average, equities research analysts predict that Ormat Technologies will post 2.47 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Ormat Technologies in the second quarter worth $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies during the second quarter worth $259,568,000. Canada Pension Plan Investment Board purchased a new position in Ormat Technologies during the second quarter valued at $173,638,000. Norges Bank purchased a new position in Ormat Technologies during the fourth quarter valued at $86,545,000. Finally, Legal & General Group Plc purchased a new position in Ormat Technologies during the second quarter valued at $77,650,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.