Ormat Technologies, Inc. (NYSE:ORA) Receives Average Recommendation of “Hold” from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been assigned an average rating of “Hold” from the eight analysts that are covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $82.25.

Several brokerages recently issued reports on ORA. Piper Sandler started coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective for the company. Roth Mkm reaffirmed a “buy” rating and set a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Oppenheimer boosted their price objective on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group started coverage on shares of Ormat Technologies in a report on Friday, January 10th. They issued a “hold” rating and a $73.00 price target for the company.

Insider Activity

In related news, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the director now directly owns 3,576 shares of the company’s stock, valued at $293,232. The trade was a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Several large investors have recently modified their holdings of the business. Envestnet Asset Management Inc. grew its position in Ormat Technologies by 8.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 31,238 shares of the energy company’s stock worth $2,240,000 after acquiring an additional 2,482 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ormat Technologies by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock worth $104,030,000 after acquiring an additional 86,291 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Ormat Technologies in the 2nd quarter worth approximately $317,000. Sei Investments Co. increased its holdings in shares of Ormat Technologies by 10.6% during the second quarter. Sei Investments Co. now owns 19,019 shares of the energy company’s stock valued at $1,364,000 after acquiring an additional 1,822 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Ormat Technologies by 45.3% during the second quarter. AQR Capital Management LLC now owns 5,809 shares of the energy company’s stock valued at $417,000 after acquiring an additional 1,811 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Down 0.4 %

ORA stock opened at $65.25 on Wednesday. The firm’s 50-day simple moving average is $72.58 and its 200 day simple moving average is $74.88. The stock has a market cap of $3.95 billion, a PE ratio of 33.29, a price-to-earnings-growth ratio of 3.01 and a beta of 0.57. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. The firm had revenue of $211.80 million for the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. Ormat Technologies’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. As a group, sell-side analysts predict that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.74%. Ormat Technologies’s payout ratio is presently 24.49%.

About Ormat Technologies

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.