Ormat Technologies Inc. (ORA) Sets New 12-Month High at $49.64
Ormat Technologies Inc. (NYSE:ORA)’s share price hit 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 changing hands. The stock had previously closed at $48.80.
Several equities analysts recently commented on ORA shares. Zacks Investment Research raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Tuesday, May 10th. JPMorgan Chase & Co. lowered shares of Ormat Technologies from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Friday, May 6th. They noted that the move was a valuation call. Finally, Roth Capital started coverage on shares of Ormat Technologies in a research report on Thursday, July 28th. They issued a “buy” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Ormat Technologies currently has an average rating of “Hold” and an average price target of $45.00.
The firm has a market capitalization of $2.40 billion and a P/E ratio of 16.08. The stock has a 50-day moving average price of $46.51 and a 200-day moving average price of $42.74.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 2nd. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.07. The firm earned $159.90 million during the quarter, compared to analyst estimates of $152.88 million. The business’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.28 earnings per share. On average, equities research analysts predict that Ormat Technologies Inc. will post $1.95 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 30th. Shareholders of record on Tuesday, August 16th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Friday, August 12th.
In other news, Director David Granot sold 3,500 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.27, for a total transaction of $168,945.00. Following the completion of the transaction, the director now directly owns 3,500 shares of the company’s stock, valued at $168,945. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dan Falk sold 7,500 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $43.99, for a total value of $329,925.00. Following the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at $329,925. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Ormat Technologies stock. KBC Group NV increased its position in Ormat Technologies Inc. (NYSE:ORA) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,299 shares of the company’s stock after buying an additional 2,292 shares during the period. KBC Group NV owned about 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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