Ormat Technologies, Inc. (NYSE:ORA) Shares to Pay Quarterly Dividend of $0.12

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, November 4th. Investors of record on Wednesday, November 18th will be paid a dividend of $0.12 per share by the energy company on Wednesday, December 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, November 18th.

Ormat Technologies has a dividend payout ratio of 18.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Ormat Technologies to earn $2.46 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 19.5%.

Ormat Technologies Stock Performance

Shares of NYSE:ORA opened at $94.43 on Thursday. Ormat Technologies has a 1 year low of $85.77 and a 1 year high of $146.39. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The business’s 50 day moving average price is $94.17 and its 200-day moving average price is $111.18. The firm has a market capitalization of $5.81 billion, a PE ratio of 46.52, a P/E/G ratio of 3.50 and a beta of 0.89.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.23. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Ormat Technologies will post 2.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Ormat Technologies from $131.00 to $98.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Zacks Research lowered shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. Sanford C. Bernstein upgraded shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective for the company in a research report on Friday, September 4th. Morgan Stanley assumed coverage on Ormat Technologies in a research report on Thursday, October 29th. They set an “overweight” rating and a $123.00 price objective for the company. Finally, Wall Street Zen upgraded Ormat Technologies from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 11th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and an average target price of $127.62.

Ormat Technologies Company Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.