Ormat Technologies, Inc. (NYSE:ORA) Receives $81.00 Average Price Target from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $81.00.

ORA has been the subject of a number of research reports. TD Cowen reduced their price target on shares of Ormat Technologies from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday, February 23rd. Barclays reduced their price target on shares of Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating for the company in a research report on Monday, February 5th. Finally, Oppenheimer reduced their price target on shares of Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating for the company in a research report on Friday, January 19th.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $63.10 on Monday. The company has a current ratio of 1.20, a quick ratio of 1.12 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average price of $64.96 and a 200 day moving average price of $67.00. The company has a market cap of $3.81 billion, a P/E ratio of 30.19, a PEG ratio of 3.04 and a beta of 0.48. Ormat Technologies has a 12 month low of $58.73 and a 12 month high of $88.26.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, February 21st. The energy company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. The firm had revenue of $241.30 million during the quarter, compared to the consensus estimate of $239.71 million. Ormat Technologies had a net margin of 15.00% and a return on equity of 5.09%. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Sell-side analysts predict that Ormat Technologies will post 2.14 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.76%. Ormat Technologies’s payout ratio is 22.97%.

Insider Activity

In other news, Director Stanley Stern sold 1,825 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $66.95, for a total value of $122,183.75. Following the completion of the sale, the director now directly owns 4,835 shares of the company’s stock, valued at $323,703.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ORA. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Ormat Technologies by 12,165.8% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 691,298 shares of the energy company’s stock worth $48,336,000 after purchasing an additional 685,662 shares in the last quarter. Impax Asset Management Group plc raised its holdings in Ormat Technologies by 15.0% during the fourth quarter. Impax Asset Management Group plc now owns 2,638,182 shares of the energy company’s stock worth $199,004,000 after purchasing an additional 343,650 shares in the last quarter. Norges Bank purchased a new position in Ormat Technologies during the fourth quarter worth about $25,709,000. Van Berkom & Associates Inc. raised its holdings in Ormat Technologies by 32.0% during the third quarter. Van Berkom & Associates Inc. now owns 1,035,686 shares of the energy company’s stock worth $72,415,000 after purchasing an additional 250,884 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. raised its holdings in Ormat Technologies by 9.3% during the fourth quarter. Global Alpha Capital Management Ltd. now owns 2,313,856 shares of the energy company’s stock worth $177,552,000 after purchasing an additional 196,517 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.