Ormat Technologies (NYSE:ORA) Shares Down 4%

Shares of Ormat Technologies, Inc. (NYSE:ORA) dropped 4% on Wednesday . The stock traded as low as $68.06 and last traded at $68.25. Approximately 6,235 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 607,052 shares. The stock had previously closed at $71.08.

ORA has been the topic of several research reports. TheStreet cut shares of Ormat Technologies from a “b-” rating to a “c” rating in a research report on Monday, May 24th. JPMorgan Chase & Co. boosted their price target on shares of Ormat Technologies from $83.00 to $89.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 21st. Finally, Roth Capital dropped their price target on shares of Ormat Technologies from $97.00 to $76.00 and set a “neutral” rating on the stock in a research report on Thursday, July 15th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $83.17.

The company has a fifty day simple moving average of $69.30 and a 200-day simple moving average of $71.88. The company has a current ratio of 2.39, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of 55.05, a P/E/G ratio of 3.57 and a beta of 0.32.

Ormat Technologies (NYSE:ORA) last posted 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. The firm had revenue of $146.90 million for the quarter, compared to the consensus estimate of $147.75 million. Ormat Technologies had a return on equity of 3.96% and a net margin of 9.92%. The business’s revenue for the quarter was down 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. As a group, analysts anticipate that Ormat Technologies, Inc. will post 1.48 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Wednesday, August 18th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 17th. This represents a $0.48 annualized dividend and a yield of 0.73%. Ormat Technologies’s payout ratio is presently 29.09%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ormat Technologies in the 1st quarter valued at about $1,084,000. Barclays PLC increased its holdings in shares of Ormat Technologies by 199.2% in the 1st quarter. Barclays PLC now owns 42,766 shares of the energy company’s stock valued at $3,358,000 after purchasing an additional 28,473 shares during the period. Nicola Wealth Management LTD. increased its holdings in shares of Ormat Technologies by 50.0% in the 1st quarter. Nicola Wealth Management LTD. now owns 54,000 shares of the energy company’s stock valued at $4,241,000 after purchasing an additional 18,000 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Ormat Technologies by 47.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 241,916 shares of the energy company’s stock valued at $16,820,000 after purchasing an additional 77,309 shares during the period. Finally, Guinness Asset Management LTD increased its holdings in shares of Ormat Technologies by 34.5% in the 2nd quarter. Guinness Asset Management LTD now owns 239,320 shares of the energy company’s stock valued at $16,640,000 after purchasing an additional 61,400 shares during the period. Hedge funds and other institutional investors own 84.93% of the company’s stock.

About Ormat Technologies (NYSE:ORA)

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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