Ormat Technologies Inc. (ORA) Reaches New 52-Week High at $49.64
Ormat Technologies Inc. (NYSE:ORA) shares reached a new 52-week high during trading on Friday . The stock traded as high as $49.64 and last traded at $48.84, with a volume of 28,233 shares traded. The stock had previously closed at $48.80.
ORA has been the topic of several recent analyst reports. Zacks Investment Research upgraded Ormat Technologies from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Tuesday, May 10th. Roth Capital initiated coverage on Ormat Technologies in a research note on Thursday, July 28th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, JPMorgan Chase & Co. reiterated a “hold” rating on shares of Ormat Technologies in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Ormat Technologies currently has a consensus rating of “Hold” and a consensus target price of $45.00.
The stock has a market cap of $2.40 billion and a PE ratio of 16.10. The stock’s 50 day moving average is $46.37 and its 200 day moving average is $42.64.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.07. The firm had revenue of $159.90 million for the quarter, compared to analysts’ expectations of $152.88 million. During the same quarter in the prior year, the business posted $0.28 earnings per share. Ormat Technologies’s revenue was up 13.8% on a year-over-year basis. On average, equities analysts expect that Ormat Technologies Inc. will post $1.95 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 30th. Investors of record on Tuesday, August 16th will be issued a dividend of $0.07 per share. The ex-dividend date is Friday, August 12th. This represents a $0.28 annualized dividend and a dividend yield of 0.57%.
In other Ormat Technologies news, insider Bronicki Investments Ltd. sold 41,284 shares of the stock in a transaction on Sunday, May 29th. The shares were sold at an average price of $43.30, for a total transaction of $1,787,597.20. Following the transaction, the insider now directly owns 3,526,959 shares of the company’s stock, valued at $152,717,324.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Shimon Hatzir sold 2,857 shares of the stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $43.50, for a total transaction of $124,279.50. Following the transaction, the vice president now directly owns 2,857 shares in the company, valued at $124,279.50. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Ormat Technologies stock. KBC Group NV raised its stake in Ormat Technologies Inc. (NYSE:ORA) by 4.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,299 shares of the company’s stock after buying an additional 2,292 shares during the period. KBC Group NV owned approximately 0.11% of Ormat Technologies worth $2,053,000 as of its most recent SEC filing.
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.
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