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

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Stockholders of record on Wednesday, November 20th will be paid a dividend of 0.12 per share by the energy company on Wednesday, December 4th. This represents a $0.48 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Wednesday, November 20th.

Ormat Technologies has increased its dividend by an average of 2.9% annually over the last three years. Ormat Technologies has a dividend payout ratio of 20.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.36 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 20.3%.

Ormat Technologies Price Performance

Ormat Technologies stock traded up $1.14 during midday trading on Thursday, reaching $83.06. The company had a trading volume of 689,631 shares, compared to its average volume of 436,781. Ormat Technologies has a 12-month low of $58.73 and a 12-month high of $83.85. The firm’s fifty day simple moving average is $76.60 and its 200-day simple moving average is $73.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.89. The company has a market capitalization of $5.02 billion, a P/E ratio of 38.14, a P/E/G ratio of 4.22 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.37 by $0.03. The firm had revenue of $212.96 million during 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 firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 earnings per share. As a group, equities analysts anticipate that Ormat Technologies will post 1.92 EPS for the current year.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the sale, the director now directly owns 6,906 shares of the company’s stock, valued at approximately $517,811.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Byron G. Wong sold 1,266 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the transaction, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dafna Sharir sold 433 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total value of $32,436.03. Following the completion of the transaction, the director now directly owns 3,561 shares of the company’s stock, valued at $266,754.51. This trade represents a 0.00 % 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 insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ORA. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Roth Mkm reiterated a “buy” rating and issued a $80.00 price objective on shares of Ormat Technologies in a report on Monday, August 12th. Finally, Oppenheimer boosted their target price on Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.67.

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.