Zacks Investment Research downgraded shares of Ormat Technologies, Inc. (NYSE:ORA) from a buy rating to a hold rating in a report issued on Wednesday, August 9th.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
A number of other research firms have also issued reports on ORA. Cowen and Company reiterated an outperform rating and issued a $67.00 target price on shares of Ormat Technologies in a research note on Wednesday, April 12th. 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. Barclays PLC raised shares of Ormat Technologies from an underweight rating to an equal weight rating and boosted their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. J P Morgan Chase & Co upgraded shares of Ormat Technologies from a neutral rating to an overweight rating and lifted their price target for the stock from $65.00 to $71.00 in a research report on Wednesday, June 7th. Finally, BidaskClub upgraded shares of Ormat Technologies from a hold rating to a buy rating in a report on Saturday, June 10th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Ormat Technologies has a consensus rating of Buy and a consensus price target of $65.38.
Shares of Ormat Technologies (ORA) traded up 0.18% during midday trading on Wednesday, reaching $55.71. The company’s stock had a trading volume of 223,933 shares. The stock has a 50 day moving average of $57.77 and a 200-day moving average of $57.77. The company has a market capitalization of $2.78 billion, a P/E ratio of 25.42 and a beta of 1.20. 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 earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The firm had revenue of $179.36 million during the quarter, compared to analysts’ expectations of $169.80 million. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. On average, equities research analysts anticipate that Ormat Technologies will post $2.28 earnings per share for the current year.
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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 paid a dividend of $0.08 per share. 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 payout ratio is 14.61%.
In other Ormat Technologies news, VP Shimon Hatzir sold 3,074 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $61.20, for a total value of $188,128.80. Following the completion of the sale, the vice president now owns 3,074 shares in the company, valued at $188,128.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Nir Wolf sold 3,010 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $59.10, for a total value of $177,891.00. Following the transaction, the vice president now owns 3,010 shares of the company’s stock, valued at approximately $177,891. The disclosure for this sale can be found here. Insiders have sold a total of 11,067,154 shares of company stock valued at $630,894,268 in the last ninety days. Insiders own 22.97% of the company’s stock.
Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in Ormat Technologies during the fourth quarter worth approximately $128,000. Teachers Advisors LLC boosted its stake in Ormat Technologies by 250.2% in the fourth quarter. Teachers Advisors LLC now owns 222,435 shares of the energy company’s stock valued at $11,927,000 after buying an additional 158,913 shares during the period. Creative Planning boosted its stake in 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 period. Navellier & Associates Inc boosted its stake in Ormat Technologies by 2.3% in the first quarter. Navellier & Associates Inc now owns 8,090 shares of the energy company’s stock valued at $462,000 after buying an additional 180 shares during the period. Finally, Personal Capital Advisors Corp increased its position in Ormat Technologies by 8.4% in the first quarter. Personal Capital Advisors Corp now owns 113,110 shares of the energy company’s stock worth $6,457,000 after buying an additional 8,727 shares in the last quarter. 45.33% of the stock is currently owned by 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.
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