Ormat Technologies, Inc. (NYSE:ORA) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 888,900 shares, a drop of 12.4% from the July 31st total of 1,014,300 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily volume of 170,700 shares, the short-interest ratio is presently 5.2 days.

Several analysts have recently weighed in on the stock. UBS Group raised their price objective on shares of Ormat Technologies from $59.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Roth Capital raised their price objective on shares of Ormat Technologies from $67.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $70.33.

Shares of Ormat Technologies stock traded up $0.80 during midday trading on Thursday, reaching $72.76. The company had a trading volume of 2,551 shares, compared to its average volume of 155,817. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 35.05, a price-to-earnings-growth ratio of 3.67 and a beta of 1.06. The stock has a fifty day simple moving average of $70.10 and a 200 day simple moving average of $61.89. Ormat Technologies has a 1-year low of $49.01 and a 1-year high of $74.75.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 7th. The energy company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.09. The business had revenue of $184.10 million during the quarter, compared to analyst estimates of $175.60 million. Ormat Technologies had a net margin of 11.98% and a return on equity of 6.07%. Ormat Technologies’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share. Sell-side analysts expect that Ormat Technologies will post 1.77 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 20th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Monday, August 19th. Ormat Technologies’s dividend payout ratio is currently 21.15%.

In other news, Director Ravit Barniv sold 1,714 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $73.07, for a total transaction of $125,241.98. Following the completion of the sale, the director now owns 2,473 shares of the company’s stock, valued at $180,702.11. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Shlomi Argas sold 12,819 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $68.25, for a total transaction of $874,896.75. Following the sale, the executive vice president now directly owns 13,153 shares of the company’s stock, valued at approximately $897,692.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,530 shares of company stock valued at $3,583,809. Corporate insiders own 0.81% of the company’s stock.

Several institutional investors have recently modified their holdings of ORA. Van Berkom & Associates Inc. grew its stake in Ormat Technologies by 5.3% in the 2nd quarter. Van Berkom & Associates Inc. now owns 321,533 shares of the energy company’s stock valued at $20,382,000 after buying an additional 16,214 shares during the last quarter. Atria Investments LLC bought a new stake in Ormat Technologies during the 2nd quarter valued at $2,008,000. BlackRock Inc. raised its holdings in Ormat Technologies by 3.0% during the 2nd quarter. BlackRock Inc. now owns 3,385,203 shares of the energy company’s stock valued at $214,589,000 after buying an additional 99,904 shares during the last quarter. Royal Bank of Canada raised its holdings in Ormat Technologies by 12.2% during the 2nd quarter. Royal Bank of Canada now owns 3,653 shares of the energy company’s stock valued at $230,000 after buying an additional 398 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its holdings in Ormat Technologies by 57.6% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,946 shares of the energy company’s stock valued at $124,000 after buying an additional 711 shares during the last quarter. 75.16% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

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

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