Ormat Technologies, Inc. (NYSE:ORA) Plans $0.12 Quarterly Dividend

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Wednesday, November 8th, Wall Street Journal reports. Stockholders of record on Wednesday, November 22nd will be paid a dividend of 0.12 per share by the energy company on Wednesday, December 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend is Tuesday, November 21st.

Ormat Technologies has raised its dividend by an average of 2.9% per year over the last three years. Ormat Technologies has a payout ratio of 19.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.46 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 19.5%.

Ormat Technologies Stock Down 1.1 %

Ormat Technologies stock opened at $64.69 on Monday. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 1.36 and a beta of 0.48. The company’s 50 day simple moving average is $67.55 and its 200 day simple moving average is $76.47. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.95 and a quick ratio of 0.87. Ormat Technologies has a fifty-two week low of $58.73 and a fifty-two week high of $94.49.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, November 8th. The energy company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.11. Ormat Technologies had a net margin of 13.45% and a return on equity of 5.35%. The company had revenue of $208.06 million for the quarter, compared to analyst estimates of $210.69 million. As a group, sell-side analysts anticipate that Ormat Technologies will post 2.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. decreased their target price on Ormat Technologies from $89.00 to $79.00 and set a “neutral” rating for the company in a research note on Thursday, October 19th. Roth Mkm raised Ormat Technologies from a “neutral” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Monday, August 7th. TheStreet cut shares of Ormat Technologies from a “b-” rating to a “c+” rating in a report on Wednesday, August 9th. StockNews.com initiated coverage on shares of Ormat Technologies in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Roth Capital raised shares of Ormat Technologies from a “neutral” rating to a “buy” rating in a research report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $89.14.

Insider Transactions at Ormat Technologies

In related news, Director Isaac Angel sold 429 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $75.57, for a total value of $32,419.53. Following the completion of the transaction, the director now directly owns 41,933 shares of the company’s stock, valued at $3,168,876.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Ormat Technologies news, CEO Doron Blachar sold 11,315 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $75.58, for a total transaction of $855,187.70. Following the transaction, the chief executive officer now owns 17,934 shares of the company’s stock, valued at $1,355,451.72. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Isaac Angel sold 429 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $75.57, for a total value of $32,419.53. Following the completion of the sale, the director now directly owns 41,933 shares of the company’s stock, valued at $3,168,876.81. The disclosure for this sale can be found here. Insiders have sold a total of 63,032 shares of company stock worth $4,762,366 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently added to or reduced their stakes in ORA. US Bancorp DE increased its holdings in shares of Ormat Technologies by 10.5% in the first quarter. US Bancorp DE now owns 3,963 shares of the energy company’s stock valued at $324,000 after purchasing an additional 375 shares during the last quarter. AlphaCrest Capital Management LLC bought a new stake in shares of Ormat Technologies during the 1st quarter worth about $360,000. Bank of Montreal Can grew its stake in Ormat Technologies by 2.5% in the 1st quarter. Bank of Montreal Can now owns 14,424 shares of the energy company’s stock valued at $1,150,000 after buying an additional 355 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Ormat Technologies by 57.7% in the 1st quarter. MetLife Investment Management LLC now owns 24,095 shares of the energy company’s stock valued at $1,972,000 after acquiring an additional 8,812 shares during the period. Finally, BlackRock Inc. lifted its position in Ormat Technologies by 0.5% during the first quarter. BlackRock Inc. now owns 4,650,385 shares of the energy company’s stock worth $380,541,000 after acquiring an additional 20,844 shares during the last quarter. Institutional investors own 88.24% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.