Ormat Technologies, Inc. (NYSE:ORA) Receives $83.57 Consensus Price Target from Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been assigned a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $83.57.

A number of equities analysts recently commented on ORA shares. Roth Mkm reiterated a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Oppenheimer raised their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Piper Sandler began coverage on Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target on the stock.

Insiders Place Their Bets

In related news, Director David Granot sold 1,256 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the sale, the director now directly owns 3,576 shares in the company, valued at $293,232. The trade was a 25.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.

Institutional Trading of Ormat Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its position in shares of Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after purchasing an additional 229 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after purchasing an additional 229 shares during the period. Harrington Investments INC boosted its holdings in shares of Ormat Technologies by 3.0% during the second quarter. Harrington Investments INC now owns 7,950 shares of the energy company’s stock worth $570,000 after purchasing an additional 230 shares during the last quarter. Arizona State Retirement System grew its position in shares of Ormat Technologies by 1.9% in the second quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock valued at $1,091,000 after purchasing an additional 286 shares during the period. Finally, UMB Bank n.a. increased its stake in Ormat Technologies by 107.7% in the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

NYSE:ORA opened at $68.91 on Friday. Ormat Technologies has a 52 week low of $59.41 and a 52 week high of $84.30. The company has a fifty day simple moving average of $76.72 and a two-hundred day simple moving average of $75.32. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 35.16, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. The company had revenue of $211.80 million for the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. Ormat Technologies’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 EPS. As a group, equities analysts anticipate that Ormat Technologies will post 1.93 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.70%. Ormat Technologies’s dividend payout ratio is presently 24.49%.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in 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.