Ormat Technologies (NYSE:ORA) Shares Gap Up – Here’s What Happened

Shares of Ormat Technologies, Inc. (NYSE:ORA) gapped up before the market opened on Tuesday . The stock had previously closed at $119.05, but opened at $124.11. Ormat Technologies shares last traded at $122.5010, with a volume of 157,700 shares.

Wall Street Analyst Weigh In

ORA has been the topic of several recent analyst reports. Cowen upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Wednesday, October 8th. Roth Capital reiterated a “buy” rating on shares of Ormat Technologies in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Finally, Barclays boosted their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $121.89.

Ormat Technologies Stock Performance

The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The business’s 50-day moving average price is $112.13 and its 200-day moving average price is $100.48. The stock has a market cap of $7.35 billion, a P/E ratio of 55.44, a P/E/G ratio of 4.62 and a beta of 0.71.

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

Ormat Technologies Announces Dividend

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

Insider Activity at Ormat Technologies

In related news, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Assi Ginzburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.72, for a total transaction of $2,254,400.00. Following the transaction, the chief financial officer directly owned 4,482 shares of the company’s stock, valued at $505,211.04. This represents a 81.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 40,860 shares of company stock worth $4,601,530. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently modified their holdings of ORA. Sequoia Financial Advisors LLC acquired a new stake in Ormat Technologies in the second quarter worth about $358,000. Voya Investment Management LLC grew its holdings in shares of Ormat Technologies by 19.2% in the 1st quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company’s stock valued at $6,837,000 after buying an additional 15,532 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Ormat Technologies by 100.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock worth $2,513,000 after acquiring an additional 15,000 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Ormat Technologies during the 3rd quarter worth approximately $3,738,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Ormat Technologies by 54.6% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company’s stock worth $2,835,000 after acquiring an additional 11,952 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

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.