Ormat Technologies, Inc. (NYSE:ORA) Receives $120.22 Average PT from Brokerages

Ormat Technologies, Inc. (NYSE:ORA) has been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $121.8889.

Several equities research analysts recently commented on the company. Piper Sandler boosted their price target on Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Oppenheimer reiterated an “outperform” rating and issued a $125.00 target price on shares of Ormat Technologies in a research note on Wednesday, November 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th. Jefferies Financial Group restated a “buy” rating and set a $125.00 price target on shares of Ormat Technologies in a report on Monday, November 24th. Finally, Barclays lifted their price objective on shares of Ormat Technologies from $89.00 to $118.00 and gave the company an “overweight” rating in a research note on Friday, November 7th.

Ormat Technologies Trading Up 1.2%

NYSE ORA opened at $115.44 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79. Ormat Technologies has a 1-year low of $61.58 and a 1-year high of $119.00. The firm’s fifty day simple moving average is $111.91 and its 200-day simple moving average is $100.04. The company has a market capitalization of $7.02 billion, a PE ratio of 52.96, a price-to-earnings-growth ratio of 4.56 and a beta of 0.71.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The firm had revenue of $249.73 million during the quarter, compared to analysts’ expectations of $235.03 million. During the same quarter last year, the firm earned $0.36 earnings per share. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s payout ratio is currently 22.02%.

Insider Buying and Selling

In other news, Director Isaac Angel sold 18,018 shares of Ormat Technologies stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $112.42, for a total value of $2,025,583.56. Following the transaction, the director owned 29,650 shares of the company’s stock, valued at $3,333,253. This trade represents a 37.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ravit Barniv sold 1,753 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.54, for a total transaction of $197,282.62. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 40,860 shares of company stock valued at $4,601,530 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ORA. Dimensional Fund Advisors LP boosted its holdings in Ormat Technologies by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,866,543 shares of the energy company’s stock valued at $179,651,000 after acquiring an additional 22,748 shares during the period. Geode Capital Management LLC increased its stake in shares of Ormat Technologies by 3.4% in the second quarter. Geode Capital Management LLC now owns 1,467,156 shares of the energy company’s stock worth $122,902,000 after purchasing an additional 48,038 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Northern Trust Corp boosted its stake in Ormat Technologies by 1.9% during the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company’s stock valued at $72,296,000 after purchasing an additional 14,069 shares during the period. Finally, Norges Bank bought a new stake in Ormat Technologies during the 2nd quarter valued at approximately $56,458,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.