Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Thursday, August 3rd, NASDAQ reports. Stockholders of record on Tuesday, August 15th will be paid a dividend of 0.08 per share by the energy company on Tuesday, August 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Friday, August 11th.
Ormat Technologies has increased its dividend by an average of 86.6% per year over the last three years. Ormat Technologies has a dividend payout ratio of 14.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.44 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 13.1%.
Shares of Ormat Technologies (NYSE:ORA) traded up 0.10% during midday trading on Friday, hitting $57.70. 80,353 shares of the stock were exchanged. The firm has a 50 day moving average of $58.85 and a 200 day moving average of $57.52. The firm has a market cap of $2.87 billion, a P/E ratio of 29.11 and a beta of 1.20. Ormat Technologies has a 12-month low of $45.30 and a 12-month high of $61.49.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. The business had revenue of $179.36 million during the quarter, compared to the consensus estimate of $169.80 million. Ormat Technologies had a net margin of 14.26% and a return on equity of 10.05%. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. Equities analysts forecast that Ormat Technologies will post $2.32 EPS for the current fiscal year.
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In other Ormat Technologies news, VP Zvi Krieger sold 7,704 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $57.81, for a total transaction of $445,368.24. Following the sale, the vice president now directly owns 7,704 shares of the company’s stock, valued at $445,368.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert F. Clarke sold 15,000 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $56.97, for a total transaction of $854,550.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at $427,275. The disclosure for this sale can be found here. Insiders sold 11,083,033 shares of company stock worth $631,792,760 over the last ninety days. 22.97% of the stock is currently owned by corporate insiders.
Several analysts recently issued reports on ORA shares. Zacks Investment Research cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Cowen and Company reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Ormat Technologies in a report on Wednesday, April 12th. BidaskClub cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Oppenheimer Holdings, Inc. set a $65.00 price target on shares of Ormat Technologies and gave the company a “buy” rating in a report on Thursday, May 4th. Finally, Barclays PLC raised shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $54.00 to $59.00 in a report on Friday, May 26th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Ormat Technologies currently has an average rating of “Buy” and an average price target of $65.25.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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