Ormat Technologies (NYSE:ORA) Hits New 12-Month High After Dividend Announcement

Ormat Technologies, Inc. (NYSE:ORAGet Rating)’s stock price hit a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The stock traded as high as $89.20 and last traded at $89.20, with a volume of 6150 shares trading hands. The stock had previously closed at $87.83.

The newly announced dividend which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th 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 0.53%. The ex-dividend date of this dividend is Tuesday, August 16th. Ormat Technologies’s dividend payout ratio is currently 42.48%.

Analyst Ratings Changes

A number of brokerages have recently commented on ORA. StockNews.com raised shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $77.00 to $80.00 in a research report on Wednesday, July 20th.

Ormat Technologies Price Performance

The company has a quick ratio of 0.81, a current ratio of 0.87 and a debt-to-equity ratio of 0.61. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 80.28, a price-to-earnings-growth ratio of 6.42 and a beta of 0.51. The company’s 50-day moving average is $79.75 and its 200-day moving average is $77.03.

Insider Buying and Selling

In related news, Director Isaac Angel sold 9,502 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $81.86, for a total value of $777,833.72. Following the completion of the transaction, the director now owns 39,615 shares of the company’s stock, valued at $3,242,883.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ormat Technologies news, Director Dan Falk sold 1,667 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $83.96, for a total transaction of $139,961.32. Following the sale, the director now directly owns 2,014 shares of the company’s stock, valued at $169,095.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Isaac Angel sold 9,502 shares of the company’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $81.86, for a total transaction of $777,833.72. Following the sale, the director now directly owns 39,615 shares in the company, valued at $3,242,883.90. The disclosure for this sale can be found here. Insiders sold 40,161 shares of company stock valued at $3,338,965 over the last quarter. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Ormat Technologies

Large investors have recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd grew its stake in Ormat Technologies by 6.6% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,419,123 shares of the energy company’s stock worth $191,836,000 after buying an additional 150,000 shares during the last quarter. Bailard Inc. bought a new stake in shares of Ormat Technologies during the first quarter valued at approximately $278,000. Trillium Asset Management LLC grew its stake in shares of Ormat Technologies by 1.4% during the first quarter. Trillium Asset Management LLC now owns 328,324 shares of the energy company’s stock valued at $26,867,000 after purchasing an additional 4,463 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Ormat Technologies by 33.0% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,193 shares of the energy company’s stock valued at $1,036,000 after purchasing an additional 3,270 shares during the last quarter. Finally, Citizens Financial Group Inc RI grew its stake in shares of Ormat Technologies by 58.0% during the fourth quarter. Citizens Financial Group Inc RI now owns 7,334 shares of the energy company’s stock valued at $582,000 after purchasing an additional 2,693 shares during the last quarter. 96.42% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

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Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.

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