Ormat Technologies (NYSE:ORA) Hits New 12-Month High – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $138.88 and last traded at $138.40, with a volume of 348214 shares traded. The stock had previously closed at $133.46.

Analysts Set New Price Targets

ORA has been the subject of several research analyst reports. Piper Sandler upped their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. upped their price target on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Royal Bank Of Canada initiated coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Finally, Roth Mkm restated a “buy” rating and set a $135.00 price target on shares of Ormat Technologies in a research note on Monday, May 11th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ormat Technologies currently has an average rating of “Moderate Buy” and an average price target of $133.18.

Ormat Technologies Trading Up 4.3%

The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 67.55, a price-to-earnings-growth ratio of 5.69 and a beta of 0.80. The business has a 50 day moving average price of $116.44 and a 200-day moving average price of $115.48.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same quarter last year, the firm earned $0.68 earnings per share. The company’s revenue for the quarter was up 75.8% compared to the same quarter last year. As a group, research analysts expect that Ormat Technologies, Inc. will post 2.35 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.3%. Ormat Technologies’s dividend payout ratio (DPR) is 23.30%.

Insiders Place Their Bets

In related news, Director David Granot sold 1,766 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the transaction, the director owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michal Marom sold 3,080 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the completion of the transaction, the director directly owned 1,766 shares of the company’s stock, valued at $231,293.02. This represents a 63.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 33,699 shares of company stock valued at $4,410,013. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ORA. AQR Capital Management LLC lifted its holdings in Ormat Technologies by 324.1% during the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after buying an additional 19,043 shares during the last quarter. United Services Automobile Association bought a new position in Ormat Technologies during the 1st quarter worth approximately $243,000. Empowered Funds LLC lifted its holdings in Ormat Technologies by 7.3% during the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after buying an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Ormat Technologies by 22.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after buying an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in Ormat Technologies by 10.5% during the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after buying an additional 2,329 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Company Profile

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.