Ormat Technologies (NYSE:ORA) Sets New 1-Year Low on Analyst Downgrade

Shares of Ormat Technologies, Inc. (NYSE:ORA) reached a new 52-week low on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $131.00 to $98.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Ormat Technologies traded as low as $86.74 and last traded at $87.02, with a volume of 130,185 shares trading hands. The stock had previously closed at $89.31.

A number of other brokerages have also recently commented on ORA. Barclays cut their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Zacks Research downgraded shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, October 9th. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. TD Cowen upgraded shares of Ormat Technologies to a “strong-buy” rating in a research note on Monday, October 5th. Finally, Wall Street Zen raised shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ORA. Main Street Group LTD purchased a new stake in Ormat Technologies in the 1st quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in Ormat Technologies during the fourth quarter worth $31,000. Quantbot Technologies LP purchased a new position in Ormat Technologies during the second quarter worth $33,000. Allworth Financial LP purchased a new position in Ormat Technologies during the second quarter worth $40,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Ormat Technologies during the second quarter worth $46,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Stock Performance

The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 3.29 and a beta of 0.90. The stock has a fifty day moving average price of $98.40 and a two-hundred day moving average price of $111.29. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. The business 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 business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 earnings per share. As a group, analysts forecast that Ormat Technologies, Inc. will post 2.63 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

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 $0.12 dividend. 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 payout ratio is presently 23.65%.

Ormat Technologies Company Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.