Ormat Technologies, Inc. Plans Quarterly Dividend of $0.12 (NYSE:ORA)

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Wednesday, May 22nd will be given a dividend of 0.12 per share by the energy company on Wednesday, June 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Tuesday, May 21st.

Ormat Technologies has raised its dividend by an average of 2.9% per year over the last three years. Ormat Technologies has a dividend payout ratio of 19.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Ormat Technologies to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 20.5%.

Ormat Technologies Stock Performance

Shares of ORA stock traded up $0.46 during trading hours on Friday, hitting $69.39. The stock had a trading volume of 37,127 shares, compared to its average volume of 472,190. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.20 and a quick ratio of 1.12. The firm has a market capitalization of $4.19 billion, a PE ratio of 32.98, a PEG ratio of 3.16 and a beta of 0.48. The stock’s 50 day moving average is $65.15 and its 200 day moving average is $66.92. Ormat Technologies has a twelve month low of $58.73 and a twelve month high of $88.26.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, February 21st. The energy company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Ormat Technologies had a return on equity of 5.09% and a net margin of 15.00%. The company had revenue of $241.30 million for the quarter, compared to the consensus estimate of $239.71 million. During the same period last year, the business posted $0.73 EPS. The company’s revenue was up 17.4% on a year-over-year basis. As a group, research analysts forecast that Ormat Technologies will post 2.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Ormat Technologies

In related news, Director Stanley Stern sold 1,825 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $66.95, for a total transaction of $122,183.75. Following the sale, the director now owns 4,835 shares of the company’s stock, valued at $323,703.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ORA. Oppenheimer dropped their price target on Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating for the company in a research report on Friday, January 19th. Barclays lowered their target price on shares of Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating for the company in a research note on Monday, February 5th. Finally, TD Cowen raised their price objective on Ormat Technologies from $70.00 to $76.00 and gave the stock a “hold” rating in a report on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $82.00.

About Ormat Technologies

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.