Ormat Technologies, Inc. (NYSE:ORA) Receives $133.18 Average Price Target from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $133.1818.

Several equities research analysts recently commented on the company. TD Cowen dropped their price objective on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research report 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. Barclays increased their price objective on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, UBS Group increased their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Friday, May 8th.

Insiders Place Their Bets

In other Ormat Technologies news, Director Dafna Sharir sold 883 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $122.44, for a total value of $108,114.52. Following the transaction, the director directly owned 3,140 shares of the company’s stock, valued at approximately $384,461.60. This trade represents a 21.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Byron G. Wong sold 4,500 shares of the firm’s stock in a transaction dated 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 directly owned 5,925 shares in the company, valued at $795,846. The trade was a 43.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 30,721 shares of company stock valued at $4,105,657. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Optiver Holding B.V. purchased a new position in Ormat Technologies in the first quarter worth about $63,000. Glenmede Trust Co. NA boosted its position in Ormat Technologies by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company’s stock worth $274,000 after purchasing an additional 81 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in Ormat Technologies in the first quarter worth about $638,000. Altshuler Shaham Ltd boosted its position in Ormat Technologies by 5,810.5% in the first quarter. Altshuler Shaham Ltd now owns 254,625 shares of the energy company’s stock worth $28,254,000 after purchasing an additional 250,317 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Ormat Technologies by 31.9% in the first quarter. EverSource Wealth Advisors LLC now owns 694 shares of the energy company’s stock worth $78,000 after buying an additional 168 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Trading Down 0.8%

Ormat Technologies stock opened at $137.02 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. Ormat Technologies has a one year low of $78.24 and a one year high of $146.39. The stock has a market capitalization of $8.42 billion, a PE ratio of 66.51, a price-to-earnings-growth ratio of 5.89 and a beta of 0.85. The business’s fifty day moving average is $123.62 and its 200 day moving average is $117.92.

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

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.30%.

About Ormat Technologies

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.