Ormat Technologies, Inc. (NYSE:ORA) Given Consensus Rating of “Buy” by Analysts

Ormat Technologies, Inc. (NYSE:ORA) has been given an average rating of “Buy” by the nine analysts that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $65.43.

A number of analysts have recently weighed in on ORA shares. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Friday, May 12th. BidaskClub downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Cowen and Company set a $67.00 target price on shares of Ormat Technologies and gave the stock a “buy” rating in a report on Wednesday, May 10th. Oppenheimer Holdings, Inc. set a $65.00 target price on shares of Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, J P Morgan Chase & Co upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th.

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Ormat Technologies (NYSE ORA) traded up 0.57% during mid-day trading on Friday, reaching $57.97. 197,241 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $58.85 and its 200 day moving average price is $57.52. Ormat Technologies has a one year low of $45.30 and a one year high of $61.49. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 29.25 and a beta of 1.20.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. Ormat Technologies had a net margin of 14.26% and a return on equity of 10.05%. The company had revenue of $179.36 million for the quarter, compared to the consensus estimate of $169.80 million. During the same period in the previous year, the firm posted $0.49 EPS. Ormat Technologies’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities analysts forecast that Ormat Technologies will post $2.32 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be issued a $0.08 dividend. The ex-dividend date is Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. Ormat Technologies’s dividend payout ratio (DPR) is presently 16.08%.

In related news, CEO Isaac Angel sold 250,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $57.00, for a total transaction of $14,250,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total transaction of $410,550,822.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,083,033 shares of company stock worth $631,792,760. Insiders own 22.97% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Creative Planning increased its position in shares of Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock valued at $107,000 after buying an additional 572 shares during the last quarter. US Bancorp DE increased its position in shares of Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock valued at $124,000 after buying an additional 545 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $128,000. SG Americas Securities LLC increased its position in shares of Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after buying an additional 326 shares during the last quarter. Finally, Quantbot Technologies LP increased its position in shares of Ormat Technologies by 89.3% in the first quarter. Quantbot Technologies LP now owns 2,334 shares of the energy company’s stock valued at $133,000 after buying an additional 1,101 shares during the last quarter. Institutional investors own 45.96% of the company’s stock.

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.