Ormat Technologies, Inc. (NYSE:ORA) Receives $83.17 Average PT from Brokerages

Ormat Technologies, Inc. (NYSE:ORA) has received a consensus rating of “Buy” from the seven analysts that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $83.17.

Several brokerages have issued reports on ORA. TheStreet downgraded shares of Ormat Technologies from a “b-” rating to a “c” rating in a research note on Monday, May 24th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $83.00 to $89.00 and gave the company an “overweight” rating in a research note on Wednesday, July 21st. Finally, Roth Capital cut their target price on shares of Ormat Technologies from $97.00 to $76.00 and set a “neutral” rating on the stock in a research note on Thursday, July 15th.

Shares of ORA opened at $71.08 on Wednesday. The firm’s 50 day moving average is $69.38 and its 200-day moving average is $71.95. The stock has a market capitalization of $3.98 billion, a P/E ratio of 59.23, a P/E/G ratio of 3.57 and a beta of 0.32. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.39 and a quick ratio of 2.27. Ormat Technologies has a 12-month low of $53.44 and a 12-month high of $128.87.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 4th. The energy company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.02. Ormat Technologies had a net margin of 9.92% and a return on equity of 3.96%. The company had revenue of $146.90 million for the quarter, compared to analysts’ expectations of $147.75 million. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue was down 16.0% compared to the same quarter last year. As a group, equities research analysts forecast that Ormat Technologies will post 1.48 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Wednesday, August 18th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, August 17th. Ormat Technologies’s payout ratio is 29.09%.

A number of institutional investors have recently bought and sold shares of ORA. BlackRock Inc. grew its position in shares of Ormat Technologies by 22.0% in the first quarter. BlackRock Inc. now owns 8,623,901 shares of the energy company’s stock valued at $677,236,000 after purchasing an additional 1,555,133 shares during the last quarter. Impax Asset Management Group plc lifted its stake in Ormat Technologies by 8.5% during the second quarter. Impax Asset Management Group plc now owns 2,197,267 shares of the energy company’s stock worth $152,051,000 after purchasing an additional 172,192 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ormat Technologies by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,454,389 shares of the energy company’s stock worth $101,123,000 after purchasing an additional 163,116 shares during the period. Global Alpha Capital Management Ltd. lifted its stake in Ormat Technologies by 12.6% during the second quarter. Global Alpha Capital Management Ltd. now owns 1,299,271 shares of the energy company’s stock worth $90,079,000 after purchasing an additional 145,710 shares during the period. Finally, State Street Corp lifted its stake in Ormat Technologies by 2.1% during the second quarter. State Street Corp now owns 1,068,944 shares of the energy company’s stock worth $74,324,000 after purchasing an additional 22,209 shares during the period. 84.93% of the stock is currently owned by hedge funds and other institutional investors.

About Ormat Technologies

Ormat Technologies, Inc operates as a holding company. The firm engages in the provision of geothermal and recovered energy power business. It operates through the following segments: Electricity, Product and Energy Storage. The Electricity segment focuses in the sale of electricity from the company’s power plants pursuant to PPAs.

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Analyst Recommendations for Ormat Technologies (NYSE:ORA)

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