Ormat Technologies (NYSE:ORA) Sets New 1-Year Low – Here’s What Happened

Ormat Technologies, Inc. (NYSE:ORA) shares reached a new 52-week low on Monday. The stock traded as low as $90.12 and last traded at $90.4960, with a volume of 314741 shares traded. The stock had previously closed at $93.63.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ORA shares. Royal Bank Of Canada restated an “outperform” rating and issued a $130.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Wolfe Research initiated coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $117.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. Finally, Sanford C. Bernstein upgraded Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price for the company in a research note on Friday, September 4th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $130.75.

Ormat Technologies Price Performance

The company has a fifty day simple moving average of $102.07 and a two-hundred day simple moving average of $113.41. 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 market capitalization of $5.62 billion, a P/E ratio of 45.00, a PEG ratio of 3.48 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same period in the prior year, the business posted $0.48 earnings per share. Ormat Technologies’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Ormat Technologies, Inc. will post 2.6 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio is currently 23.65%.

Institutional Trading of Ormat Technologies

A number of hedge funds have recently modified their holdings of the company. Main Street Group LTD bought a new stake in Ormat Technologies in the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies in the 4th quarter valued at $31,000. Quantbot Technologies LP acquired a new stake in Ormat Technologies during the 2nd quarter worth $33,000. Allworth Financial LP acquired a new stake in Ormat Technologies during the 2nd quarter worth $40,000. Finally, Public Employees Retirement System of Ohio bought a new position in Ormat Technologies during the second quarter worth about $46,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.