FY2017 EPS Estimates for Ormat Technologies, Inc. Decreased by Analyst (ORA)
Ormat Technologies, Inc. (NYSE:ORA) – Oppenheimer Holdings decreased their FY2017 earnings per share estimates for shares of Ormat Technologies in a report released on Thursday. Oppenheimer Holdings analyst N. Kaye now forecasts that the energy company will earn $2.24 per share for the year, down from their previous estimate of $2.35. Oppenheimer Holdings currently has a “Buy” rating and a $70.00 target price on the stock.
A number of other equities research analysts have also recently issued reports on the company. Zacks Investment Research upgraded Ormat Technologies from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Thursday, October 5th. Cowen and Company set a $67.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a report on Monday, July 17th. Finally, TheStreet cut Ormat Technologies from a “b” rating to a “c+” rating in a report on Monday, August 14th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $66.38.
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Ormat Technologies (NYSE:ORA) opened at $62.26 on Monday. Ormat Technologies has a 1-year low of $45.67 and a 1-year high of $65.91. The company has a current ratio of 1.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $3,199.26, a PE ratio of 27.98, a P/E/G ratio of 2.10 and a beta of 1.25.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The company had revenue of $157.20 million during the quarter, compared to analyst estimates of $159.02 million. During the same period in the prior year, the firm posted $0.56 EPS. Ormat Technologies’s revenue was down 14.8% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Ormat Technologies by 4.4% during the second quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock worth $197,538,000 after buying an additional 142,724 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Ormat Technologies by 6,068.3% during the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock worth $141,210,000 after buying an additional 2,433,766 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Ormat Technologies by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock worth $89,594,000 after purchasing an additional 96,288 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Ormat Technologies by 17.8% in the second quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock worth $63,683,000 after purchasing an additional 164,100 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Ormat Technologies by 7.5% in the second quarter. State Street Corp now owns 778,621 shares of the energy company’s stock worth $45,685,000 after purchasing an additional 54,489 shares during the last quarter. Institutional investors and hedge funds own 45.96% of the company’s stock.
In other news, VP Shlomi Argas sold 11,523 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $59.50, for a total value of $685,618.50. Following the completion of the sale, the vice president now directly owns 1,734 shares in the company, valued at $103,173. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Erez Klein sold 24,576 shares of the business’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $59.03, for a total transaction of $1,450,721.28. Following the transaction, the vice president now owns 23,890 shares of the company’s stock, valued at $1,410,226.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,359 shares of company stock valued at $5,013,332. 14.74% of the stock is owned by company insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be given a $0.08 dividend. The ex-dividend date is Monday, November 20th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.51%. Ormat Technologies’s payout ratio is 13.73%.
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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