Ormat Technologies (NYSE:ORA) Shares Gap Down – Here’s What Happened

Ormat Technologies, Inc. (NYSE:ORA)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $133.96, but opened at $126.63. Ormat Technologies shares last traded at $125.4010, with a volume of 150,017 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $144.00 price target on shares of Ormat Technologies in a research note on Friday, May 8th. Barclays increased their target price on shares of Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Robert W. Baird cut their target price on shares of Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Roth Mkm reissued a “buy” rating and set a $135.00 target price on shares of Ormat Technologies in a research note on Monday, May 11th. Finally, UBS Group increased their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $131.67.

Ormat Technologies Price Performance

The stock’s fifty day moving average price is $125.55 and its 200-day moving average price is $118.63. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 61.82, a price-to-earnings-growth ratio of 5.91 and a beta of 0.85.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results 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. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The business had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The firm’s revenue was up 75.8% compared to the same quarter last year. Equities research analysts predict that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s payout ratio is currently 23.30%.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total value of $34,605.00. Following the transaction, the director owned 5,800 shares in the company, valued at approximately $802,836. This represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michal Marom sold 3,080 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the transaction, the director owned 1,766 shares in the company, valued at approximately $231,293.02. This represents a 63.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,721 shares of company stock valued at $4,105,657 over the last three months. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ORA. Aster Capital Management DIFC Ltd acquired a new position in Ormat Technologies in the 4th quarter valued at approximately $26,000. Main Street Group LTD acquired a new position in Ormat Technologies in the 1st quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new position in Ormat Technologies in the 4th quarter valued at approximately $31,000. Los Angeles Capital Management LLC acquired a new position in Ormat Technologies in the 4th quarter valued at approximately $32,000. Finally, Wolff Wiese Magana LLC acquired a new position in Ormat Technologies in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.