Ormat Technologies (NYSE:ORA) Price Target Raised to $80.00

Ormat Technologies (NYSE:ORA) had its target price boosted by Barclays from $75.00 to $80.00 in a research note issued to investors on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the energy company’s stock.

A number of other analysts have also commented on the stock. StockNews.com upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Monday, April 7th. Robert W. Baird initiated coverage on shares of Ormat Technologies in a research report on Thursday, March 13th. They issued a “neutral” rating and a $81.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Jefferies Financial Group increased their price objective on Ormat Technologies from $78.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, March 25th. Finally, Baird R W raised Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $85.38.

Ormat Technologies Price Performance

ORA stock opened at $74.80 on Thursday. The company has a market capitalization of $4.53 billion, a P/E ratio of 38.16, a PEG ratio of 3.18 and a beta of 0.65. Ormat Technologies has a 52-week low of $61.58 and a 52-week high of $84.30. The company has a fifty day moving average price of $71.11 and a 200-day moving average price of $71.68. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, May 7th. The energy company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The company had revenue of $229.76 million for the quarter, compared to analyst estimates of $228.33 million. During the same quarter in the prior year, the company earned $0.64 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities analysts expect that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 21st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $0.48 annualized dividend and a dividend yield of 0.64%. Ormat Technologies’s payout ratio is currently 23.53%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total value of $29,509.35. Following the transaction, the insider now directly owns 6,094 shares in the company, valued at $439,682.10. This represents a 6.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Granot sold 1,666 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the sale, the director now directly owns 1,910 shares in the company, valued at $131,790. This represents a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,242 shares of company stock worth $156,427. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Ormat Technologies

A number of hedge funds have recently bought and sold shares of ORA. Principal Financial Group Inc. raised its holdings in Ormat Technologies by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company’s stock valued at $8,933,000 after buying an additional 7,025 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Ormat Technologies by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock worth $409,305,000 after buying an additional 274,540 shares during the last quarter. Element Capital Management LLC purchased a new position in shares of Ormat Technologies in the 4th quarter worth about $2,113,000. Daiwa Securities Group Inc. purchased a new position in Ormat Technologies in the fourth quarter worth about $752,000. Finally, Franklin Resources Inc. bought a new position in Ormat Technologies in the 4th quarter valued at approximately $526,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in 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.