Ormat Technologies (NYSE:ORA) Hits New 1-Year High – Time to Buy?

Shares of Ormat Technologies, Inc. (NYSE:ORA) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $138.88 and last traded at $138.40, with a volume of 348214 shares trading hands. The stock had previously closed at $133.46.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ORA. Barclays raised their target price on Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 price objective on shares of Ormat Technologies in a research report on Friday, May 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Finally, Roth Mkm reissued a “buy” rating and issued a $135.00 target price on shares of Ormat Technologies in a report on Monday, May 11th. Eight analysts have rated the stock with a Buy rating and four have given 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 $133.18.

Ormat Technologies Trading Down 1.4%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market capitalization of $8.46 billion, a PE ratio of 66.87, a PEG ratio of 5.95 and a beta of 0.80. The stock has a fifty day moving average of $118.21 and a 200 day moving average of $116.00.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company’s revenue was up 75.8% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. Ormat Technologies’s dividend payout ratio is presently 23.30%.

Insider Buying and Selling at Ormat Technologies

In other news, Director Byron G. Wong sold 4,500 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total value of $604,440.00. Following the completion of the transaction, the director owned 5,925 shares in the company, valued at approximately $795,846. The trade was a 43.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Assi Ginzburg sold 17,776 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer directly owned 1,970 shares in the company, valued at approximately $265,457.50. This represents a 90.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 33,699 shares of company stock worth $4,410,013. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Ormat Technologies in the 4th quarter worth about $26,000. Main Street Group LTD bought a new position in Ormat Technologies during the 1st quarter valued at about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Ormat Technologies in the 4th quarter worth about $31,000. Smartleaf Asset Management LLC lifted its stake in Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after purchasing an additional 211 shares during the last quarter. Finally, Wolff Wiese Magana LLC bought a new stake in Ormat Technologies in the fourth quarter worth about $33,000. Institutional investors own 95.49% of the company’s stock.

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.