Ormat Technologies, Inc. (NYSE:ORA) has received an average recommendation of “Buy” from the nine analysts that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $65.43.
Several equities analysts have issued reports on the company. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Cowen and Company set a $67.00 price target on Ormat Technologies and gave the company a “buy” rating in a research note on Monday, July 17th. BidaskClub lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. J P Morgan Chase & Co upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $65.00 to $71.00 in a report on Wednesday, June 7th. Finally, Barclays PLC upgraded Ormat Technologies from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $54.00 to $59.00 in a report on Friday, May 26th.
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In other Ormat Technologies news, Director Robert Eugene Joyal sold 7,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $57.00, for a total value of $427,500.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $427,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bob Sullivan sold 7,151 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $58.13, for a total value of $415,687.63. Following the completion of the transaction, the executive vice president now owns 7,151 shares of the company’s stock, valued at approximately $415,687.63. The disclosure for this sale can be found here. Insiders have sold 11,075,533 shares of company stock valued at $631,371,335 in the last quarter. 22.97% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in 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 worth $107,000 after buying an additional 572 shares during the period. Royal Bank of Canada increased its position in shares of Ormat Technologies by 1.7% in the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock worth $117,000 after buying an additional 34 shares during the period. 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 worth $124,000 after buying an additional 545 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of Ormat Technologies during the fourth quarter worth about $128,000. Finally, 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 worth $130,000 after buying an additional 326 shares during the period. Hedge funds and other institutional investors own 45.33% of the company’s stock.
Shares of Ormat Technologies (ORA) traded up 1.66% during mid-day trading on Friday, reaching $57.06. 163,809 shares of the company traded hands. Ormat Technologies has a 52-week low of $45.30 and a 52-week high of $61.49. The stock’s 50 day moving average is $58.16 and its 200 day moving average is $57.76. The stock has a market capitalization of $2.85 billion, a PE ratio of 26.03 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The firm had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. During the same period in the previous year, the firm earned $0.49 earnings per share. The company’s revenue was up 12.2% compared to the same quarter last year. On average, analysts anticipate that Ormat Technologies will post $2.28 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.32 annualized dividend and a yield of 0.56%. Ormat Technologies’s dividend payout ratio (DPR) is currently 14.61%.
Ormat Technologies Company Profile
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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