Ormat Technologies, Inc. (NYSE:ORA) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given a consensus recommendation of “Moderate Buy” by the fourteen research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $130.8333.

Several equities analysts have recently commented on ORA shares. UBS Group increased their price target on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Wall Street Zen downgraded Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Roth Capital restated a “buy” rating and set a $135.00 price objective on shares of Ormat Technologies in a research note on Monday, May 11th. Finally, Oppenheimer decreased their price objective on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a report on Friday, August 7th.

Hedge Funds Weigh In On Ormat Technologies

Large investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies during the 4th quarter worth $26,000. Main Street Group LTD bought a new stake in Ormat Technologies in the first quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Ormat Technologies in the fourth quarter valued at $31,000. Smartleaf Asset Management LLC boosted its holdings in shares of Ormat Technologies by 245.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after acquiring an additional 211 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Ormat Technologies during the fourth quarter valued at $32,000. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Price Performance

ORA stock opened at $103.15 on Thursday. The stock’s 50 day moving average is $109.22 and its two-hundred day moving average is $116.18. Ormat Technologies has a 52-week low of $89.08 and a 52-week high of $146.39. The company has a market capitalization of $6.34 billion, a PE ratio of 50.81, a P/E/G ratio of 4.30 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. During the same quarter last year, the company earned $0.48 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Analysts predict that Ormat Technologies will post 2.47 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Ormat Technologies’s dividend payout ratio is currently 23.65%.

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.