Ormat Technologies, Inc. (NYSE:ORA) Receives Average Rating of “Moderate Buy” from Brokerages

Ormat Technologies, Inc. (NYSE:ORA) has earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $121.8889.

A number of equities analysts have issued reports on ORA shares. Roth Capital reiterated a “buy” rating and set a $125.00 price target on shares of Ormat Technologies in a research report on Wednesday, November 5th. Piper Sandler increased their target price on Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Oppenheimer reissued an “outperform” rating and issued a $125.00 price target on shares of Ormat Technologies in a report on Wednesday, November 5th. JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 target price on shares of Ormat Technologies in a research report on Monday, November 24th.

Ormat Technologies Stock Up 1.2%

ORA stock opened at $115.44 on Wednesday. Ormat Technologies has a one year low of $61.58 and a one year high of $119.00. 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 firm’s fifty day moving average is $111.91 and its 200 day moving average is $100.24. The firm has a market cap of $7.02 billion, a PE ratio of 52.96, a P/E/G ratio of 4.62 and a beta of 0.71.

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

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s payout ratio is 22.02%.

Insider Transactions at Ormat Technologies

In other news, Director Ravit Barniv sold 1,753 shares of Ormat Technologies stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.54, for a total value of $197,282.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Assi Ginzburg sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.72, for a total value of $2,254,400.00. Following the sale, the chief financial officer owned 4,482 shares of the company’s stock, valued at $505,211.04. The trade was a 81.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 40,860 shares of company stock worth $4,601,530 over the last three months. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Curio Wealth LLC grew its stake in Ormat Technologies by 29,200.0% during the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after acquiring an additional 292 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock worth $35,000 after purchasing an additional 113 shares during the last quarter. Ameriflex Group Inc. grew its position in shares of Ormat Technologies by 1,100.0% in the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock valued at $35,000 after purchasing an additional 330 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings 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 valued at $44,000 after purchasing an additional 374 shares during the last quarter. Finally, AlphaQuest LLC lifted its position in Ormat Technologies by 218.0% during the third quarter. AlphaQuest LLC now owns 547 shares of the energy company’s stock worth $53,000 after buying an additional 375 shares in 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.