Ormat Technologies, Inc. (ORA) Upgraded to “B-” at TheStreet
ORA has been the topic of a number of other research reports. Zacks Investment Research cut Ormat Technologies from a buy rating to a hold rating in a research note on Tuesday. Oppenheimer Holdings, Inc. restated a buy rating and issued a $70.00 price target (up previously from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. Roth Capital set a $70.00 price target on Ormat Technologies and gave the company a buy rating in a research note on Monday. Finally, Cowen and Company set a $67.00 price target on Ormat Technologies and gave the company a buy rating in a research note on Monday, July 17th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Ormat Technologies has an average rating of Buy and a consensus target price of $66.88.
Shares of Ormat Technologies (NYSE:ORA) opened at $63.72 on Monday. The company has a market capitalization of $3,220.00, a P/E ratio of 28.02, a PEG ratio of 2.10 and a beta of 1.25. The company has a quick ratio of 1.62, a current ratio of 1.72 and a debt-to-equity ratio of 0.65. Ormat Technologies has a twelve month low of $46.12 and a twelve month high of $65.91.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The business had revenue of $157.20 million during the quarter, compared to the consensus estimate of $159.02 million. During the same quarter last year, the company posted $0.56 EPS. The firm’s revenue was down 14.8% on a year-over-year basis. analysts forecast that Ormat Technologies will post 2.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date is Monday, November 20th. Ormat Technologies’s payout ratio is 13.73%.
In related news, VP Shimon Hatzir sold 2,976 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $58.50, for a total value of $174,096.00. Following the transaction, the vice president now owns 2,976 shares in the company, valued at $174,096. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Granot sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $57.66, for a total value of $144,150.00. Following the completion of the transaction, the director now owns 2,500 shares in the company, valued at approximately $144,150. The disclosure for this sale can be found here. Insiders have sold a total of 84,359 shares of company stock worth $5,013,332 in the last quarter. Company insiders own 14.74% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Ormat Technologies by 1.7% in the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock worth $117,000 after purchasing an additional 34 shares during the period. Creative Planning increased its position in shares of Ormat Technologies by 12.0% in the second quarter. Creative Planning now owns 2,099 shares of the energy company’s stock worth $123,000 after purchasing an additional 225 shares during the period. Sei Investments Co. increased its position in shares of Ormat Technologies by 2.2% in the second quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock worth $133,000 after purchasing an additional 49 shares during the period. Advisor Group Inc. increased its position in shares of Ormat Technologies by 153.2% in the second quarter. Advisor Group Inc. now owns 2,302 shares of the energy company’s stock worth $135,000 after purchasing an additional 1,393 shares during the period. Finally, Psagot Investment House Ltd. increased its position in shares of Ormat Technologies by 1.6% in the second quarter. Psagot Investment House Ltd. now owns 2,661 shares of the energy company’s stock worth $156,000 after purchasing an additional 43 shares during the period. Institutional investors own 45.96% of the company’s stock.
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. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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