Ormat Technologies (NYSE:ORA) Shares Climb 4.6% – Should You Buy?

Ormat Technologies, Inc. (NYSE:ORA) shares shot up 4.6% during mid-day trading on Monday. The company traded as high as $92.64 and last traded at $92.9880. 149,808 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 859,017 shares. The stock had previously closed at $88.92.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Jefferies Financial Group restated a “hold” rating and set a $117.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Wall Street Zen upgraded shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday. Finally, Sanford C. Bernstein upgraded shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective for the company in a report on Friday, September 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $130.75.

Ormat Technologies Trading Up 4.2%

The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 45.63, a PEG ratio of 3.38 and a beta of 0.90. The firm has a 50-day moving average price of $100.68 and a 200-day moving average price of $112.39. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. The company had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.48 EPS. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 2.63 EPS for the current year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Glenmede Trust Co. NA lifted its holdings in Ormat Technologies by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company’s stock valued at $274,000 after acquiring an additional 81 shares during the last quarter. Evexia Wealth LLC boosted its position in shares of Ormat Technologies by 2.8% during the 1st quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company’s stock valued at $610,000 after purchasing an additional 149 shares in the last quarter. Corient Private Wealth LP boosted its position in shares of Ormat Technologies by 5.7% during the 2nd quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company’s stock valued at $334,000 after purchasing an additional 164 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Ormat Technologies by 31.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 694 shares of the energy company’s stock worth $78,000 after purchasing an additional 168 shares during the last quarter. Finally, Root Financial Partners LLC grew its stake in shares of Ormat Technologies by 74.2% in the 1st quarter. Root Financial Partners LLC now owns 439 shares of the energy company’s stock worth $49,000 after purchasing an additional 187 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.