Ormat Technologies (NYSE:ORA) Hits New 12-Month High After Dividend Announcement

Ormat Technologies, Inc. (NYSE:ORA) reached a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $82.53 and last traded at $82.26, with a volume of 77144 shares traded. The stock had previously closed at $81.92.

The newly announced dividend which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Wednesday, November 20th. Ormat Technologies’s dividend payout ratio (DPR) is currently 21.92%.

Analysts Set New Price Targets

ORA has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Roth Mkm reiterated a “buy” rating and set a $80.00 price objective on shares of Ormat Technologies in a report on Monday, August 12th. Finally, Oppenheimer lifted their price objective on Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Ormat Technologies Price Performance

The stock has a market cap of $5.02 billion, a P/E ratio of 38.14, a PEG ratio of 4.22 and a beta of 0.53. The company has a 50 day simple moving average of $76.60 and a 200 day simple moving average of $73.89. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72.

Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 6th. The energy company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.37 by $0.03. The firm had revenue of $212.96 million for the quarter, compared to analysts’ expectations of $214.07 million. Ormat Technologies had a return on equity of 5.40% and a net margin of 14.89%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 EPS. Sell-side analysts forecast that Ormat Technologies, Inc. will post 1.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now owns 6,906 shares of the company’s stock, valued at $517,811.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now owns 6,906 shares of the company’s stock, valued at $517,811.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dafna Sharir sold 433 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total value of $32,436.03. Following the transaction, the director now directly owns 3,561 shares in the company, valued at $266,754.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Ormat Technologies by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 5,388,571 shares of the energy company’s stock valued at $356,670,000 after acquiring an additional 63,943 shares during the period. Dimensional Fund Advisors LP grew its stake in Ormat Technologies by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock valued at $104,030,000 after acquiring an additional 86,291 shares during the period. Van Berkom & Associates Inc. boosted its position in shares of Ormat Technologies by 2.0% during the second quarter. Van Berkom & Associates Inc. now owns 1,322,936 shares of the energy company’s stock valued at $94,855,000 after buying an additional 25,799 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Ormat Technologies by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company’s stock worth $40,154,000 after purchasing an additional 15,004 shares during the last quarter. Finally, Y.D. More Investments Ltd boosted its position in Ormat Technologies by 1,011.5% in the second quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock worth $34,943,000 after purchasing an additional 449,209 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

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.