Ormat Technologies Inc. (ORA) Lifted to Hold at Zacks Investment Research
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
A number of other equities analysts have also weighed in on the company. Oppenheimer Holdings Inc. assumed coverage on Ormat Technologies in a research report on Thursday, September 8th. They issued an outperform rating and a $54.00 price target for the company. JPMorgan Chase & Co. reiterated a hold rating on shares of Ormat Technologies in a research report on Wednesday, August 3rd. Finally, Roth Capital assumed coverage on Ormat Technologies in a research report on Thursday, July 28th. They issued a buy rating and a $50.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $46.80.
Ormat Technologies (NYSE:ORA) opened at 48.83 on Friday. The firm has a market cap of $2.42 billion, a P/E ratio of 27.17 and a beta of 1.10. The stock’s 50 day moving average is $47.31 and its 200-day moving average is $46.24. Ormat Technologies has a 1-year low of $32.25 and a 1-year high of $51.19.
Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Monday, November 7th. The company reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.05. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. The business earned $184 million during the quarter, compared to analyst estimates of $163.66 million. During the same quarter last year, the company posted $0.46 EPS. Ormat Technologies’s revenue for the quarter was up 13.3% on a year-over-year basis. Analysts forecast that Ormat Technologies will post $1.75 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Monday, November 21st will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, November 17th. Ormat Technologies’s dividend payout ratio is currently 15.73%.
In related news, Director Gillon Beck sold 390,000 shares of the stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $48.64, for a total value of $18,969,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dan Falk sold 7,500 shares of the stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $48.90, for a total value of $366,750.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at $366,750. The disclosure for this sale can be found here. 22.97% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in ORA. Sei Investments Co. increased its stake in Ormat Technologies by 5.1% in the third quarter. Sei Investments Co. now owns 2,327 shares of the company’s stock worth $113,000 after buying an additional 113 shares during the period. Parametric Portfolio Associates LLC increased its stake in Ormat Technologies by 2.4% in the second quarter. Parametric Portfolio Associates LLC now owns 12,857 shares of the company’s stock worth $563,000 after buying an additional 301 shares during the period. Capital One National Association increased its stake in Ormat Technologies by 3.0% in the third quarter. Capital One National Association now owns 11,738 shares of the company’s stock worth $568,000 after buying an additional 347 shares during the period. Victory Capital Management Inc. increased its stake in Ormat Technologies by 15.9% in the third quarter. Victory Capital Management Inc. now owns 3,041 shares of the company’s stock worth $147,000 after buying an additional 418 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Ormat Technologies by 5.9% in the second quarter. Principal Financial Group Inc. now owns 8,495 shares of the company’s stock worth $372,000 after buying an additional 476 shares during the period. 43.00% of the stock is owned by hedge funds and other institutional investors.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ormat Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ormat Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.