Ormat Technologies (NYSE:ORA) Share Price Crosses Above Fifty Day Moving Average After Analyst Downgrade

Ormat Technologies, Inc. (NYSE:ORA)’s stock price crossed above its 50 day moving average during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $98.00 to $99.00. The stock has a 50 day moving average of $93.54 and traded as high as $95.13. JPMorgan Chase & Co. currently has a neutral rating on the stock. Ormat Technologies shares last traded at $94.5330, with a volume of 705,474 shares trading hands.

ORA has been the topic of a number of other research reports. Royal Bank Of Canada restated an “outperform” rating and set a $130.00 price target on shares of Ormat Technologies in a report on Wednesday, September 9th. TD Cowen upgraded Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. Morgan Stanley assumed coverage on Ormat Technologies in a research note on Thursday, October 29th. They set an “overweight” rating and a $123.00 target price on the stock. Wall Street Zen upgraded Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $124.15.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA boosted its position in Ormat Technologies by 3.4% during 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 in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Ormat Technologies by 9.8% during the 3rd quarter. Sterling Capital Management LLC now owns 1,297 shares of the energy company’s stock worth $119,000 after acquiring an additional 116 shares during the period. Corient Private Wealth LP raised its position in shares of Ormat Technologies by 5.7% in the 2nd quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company’s stock worth $334,000 after acquiring an additional 164 shares in the last quarter. EverSource Wealth Advisors LLC raised its position 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 acquiring an additional 168 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Ormat Technologies by 3.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,489 shares of the energy company’s stock worth $502,000 after acquiring an additional 197 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Trading Up 2.9%

The company has a market cap of $5.81 billion, a PE ratio of 43.97, a PEG ratio of 3.50 and a beta of 0.89. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The stock has a 50 day moving average price of $93.54 and a 200 day moving average price of $110.79.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.23. The company had revenue of $275.12 million for the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a return on equity of 6.94% and a net margin of 11.07%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. Sell-side analysts predict that Ormat Technologies, Inc. will post 2.78 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 18th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 18th. Ormat Technologies’s payout ratio is 22.33%.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.