Ormat Technologies (NYSE:ORA) Hits New 12-Month High – Here’s Why

Ormat Technologies, Inc. (NYSE:ORA)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $125.35 and last traded at $123.9450, with a volume of 145701 shares changing hands. The stock had previously closed at $122.00.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $125.00 target price on shares of Ormat Technologies in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Wednesday, October 8th. Roth Mkm reiterated a “buy” rating on shares of Ormat Technologies in a research report on Tuesday, January 13th. Barclays dropped their price target on Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Finally, Robert W. Baird set a $143.00 price objective on Ormat Technologies in a report on Wednesday, January 14th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $125.22.

Ormat Technologies Stock Up 1.5%

The firm has a market cap of $7.53 billion, a PE ratio of 56.81, a PEG ratio of 4.70 and a beta of 0.71. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The company’s 50-day simple moving average is $112.98 and its two-hundred day simple moving average is $102.00.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. The firm had revenue of $249.73 million during the quarter, compared to the consensus estimate of $235.03 million. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 22.02%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 721 shares of Ormat Technologies stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $115.00, for a total transaction of $82,915.00. Following the sale, the insider directly owned 3,433 shares of the company’s stock, valued at approximately $394,795. The trade was a 17.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Isaac Angel sold 18,018 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.42, for a total value of $2,025,583.56. Following the completion of the transaction, the director directly owned 29,650 shares of the company’s stock, valued at $3,333,253. This represents a 37.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 40,860 shares of company stock valued at $4,601,530 in the last 90 days. 0.56% of the stock is owned by company insiders.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Curio Wealth LLC boosted its stake in Ormat Technologies by 29,200.0% during the second quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock worth $25,000 after acquiring an additional 292 shares in the last quarter. Wolff Wiese Magana LLC bought a new position in Ormat Technologies during the 4th quarter valued at approximately $33,000. Jones Financial Companies Lllp raised its stake in Ormat Technologies by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after buying an additional 113 shares during the last quarter. Ameriflex Group Inc. boosted its holdings in Ormat Technologies by 1,100.0% in the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock worth $35,000 after acquiring an additional 330 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Ormat Technologies by 251.0% in the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock worth $44,000 after acquiring an additional 374 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.