Ormat Technologies (NYSE:ORA) Announces Quarterly Earnings Results, Beats Estimates By $0.23 EPS

Ormat Technologies (NYSE:ORA) announced its earnings results on Wednesday. The energy company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.23, FiscalAI reports. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The business had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. During the same period last year, the company earned $0.41 EPS. Ormat Technologies’s revenue for the quarter was up 10.2% compared to the same quarter last year.

Ormat Technologies Trading Down 2.6%

NYSE ORA traded down $2.42 during trading hours on Thursday, hitting $91.86. 292,343 shares of the company’s stock were exchanged, compared to its average volume of 869,370. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 45.25, a PEG ratio of 3.50 and a beta of 0.89. The stock has a 50-day simple moving average of $94.17 and a 200 day simple moving average of $111.18. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. Ormat Technologies has a 1-year low of $85.77 and a 1-year high of $146.39.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 18th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ORA. Oppenheimer raised their price objective on Ormat Technologies from $141.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Wall Street Zen upgraded Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th. Jefferies Financial Group reissued a “hold” rating and set a $117.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Barclays lowered their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $127.62.

About Ormat Technologies

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.