Ormat Technologies, Inc. (ORA) Given a $67.00 Price Target by Cowen and Company Analysts

Cowen and Company set a $67.00 price target on Ormat Technologies, Inc. (NYSE:ORA) in a report issued on Friday. The brokerage currently has a buy rating on the energy company’s stock.

Several other analysts have also commented on the company. TheStreet lowered Ormat Technologies from a b rating to a c+ rating in a report on Monday, August 14th. Zacks Investment Research lowered Ormat Technologies from a buy rating to a hold rating in a report on Wednesday, August 9th. BidaskClub lowered Ormat Technologies from a buy rating to a hold rating in a report on Thursday, July 6th. J P Morgan Chase & Co raised Ormat Technologies from a neutral rating to an overweight rating and raised their price objective for the company from $65.00 to $71.00 in a report on Wednesday, June 7th. Finally, Barclays PLC raised Ormat Technologies from an underweight rating to an equal weight rating and raised their price objective for the company from $54.00 to $59.00 in a report on Friday, May 26th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $65.38.

Ormat Technologies (ORA) traded up 0.18% on Friday, reaching $55.71. The company had a trading volume of 223,933 shares. The stock has a market capitalization of $2.78 billion, a P/E ratio of 25.42 and a beta of 1.20. The stock’s 50 day moving average is $57.77 and its 200-day moving average is $57.77. Ormat Technologies has a 1-year low of $45.30 and a 1-year high of $61.49.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, beating the 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 company had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. During the same period last year, the company earned $0.49 earnings per share. Ormat Technologies’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities analysts predict that Ormat Technologies will post $2.28 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date is Friday, August 11th. Ormat Technologies’s dividend payout ratio is presently 14.61%.

In other news, EVP Bob Sullivan sold 7,151 shares of Ormat Technologies stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $58.13, for a total value of $415,687.63. Following the sale, the executive vice president now directly owns 7,151 shares of the company’s stock, valued at $415,687.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Zvi Krieger sold 7,704 shares of Ormat Technologies stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $57.81, for a total value of $445,368.24. Following the completion of the sale, the vice president now directly owns 7,704 shares in the company, valued at $445,368.24. The disclosure for this sale can be found here. Insiders sold 11,067,154 shares of company stock worth $630,894,268 over the last ninety days. Corporate insiders own 22.97% of the company’s stock.

Several hedge funds have recently modified their holdings of ORA. Creative Planning raised its stake 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 in the last quarter. Royal Bank of Canada raised its stake 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 in the last quarter. US Bancorp DE raised its stake 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 in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Ormat Technologies during the fourth quarter worth about $128,000. Finally, SG Americas Securities LLC raised its stake 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 in the last quarter. 45.33% of the stock is currently owned by hedge funds and other institutional investors.

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.