Ormat Technologies, Inc. (NYSE:ORA) Receives $99.30 Consensus Target Price from Analysts

Ormat Technologies, Inc. (NYSE:ORA) has been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $99.30.

A number of equities research analysts recently commented on the stock. Robert W. Baird upgraded shares of Ormat Technologies from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Piper Sandler upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $102.00 in a report on Wednesday, September 17th. Jefferies Financial Group raised their price objective on shares of Ormat Technologies from $97.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $88.00 to $99.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Finally, TD Cowen raised their price objective on shares of Ormat Technologies from $76.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, August 8th.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, CFO Assi Ginzburg sold 9,343 shares of Ormat Technologies stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $93.31, for a total value of $871,795.33. Following the sale, the chief financial officer directly owned 24,482 shares in the company, valued at approximately $2,284,415.42. The trade was a 27.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jessica Woelfel sold 5,611 shares of Ormat Technologies stock in a transaction on Monday, September 29th. The shares were sold at an average price of $94.80, for a total transaction of $531,922.80. Following the completion of the sale, the insider owned 3,433 shares in the company, valued at $325,448.40. The trade was a 62.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 40,926 shares of company stock worth $3,861,296. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORA. Curio Wealth LLC increased its stake in Ormat Technologies by 29,200.0% in the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after buying an additional 292 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Ormat Technologies by 251.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock valued at $44,000 after buying an additional 374 shares during the last quarter. Signaturefd LLC grew its position in shares of Ormat Technologies by 60.6% in the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company’s stock valued at $63,000 after acquiring an additional 336 shares during the period. CWM LLC grew its position in shares of Ormat Technologies by 294.2% in the 1st quarter. CWM LLC now owns 887 shares of the energy company’s stock valued at $63,000 after acquiring an additional 662 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Ormat Technologies by 57.4% in the 2nd quarter. GAMMA Investing LLC now owns 886 shares of the energy company’s stock valued at $74,000 after acquiring an additional 323 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Trading Down 0.3%

ORA opened at $106.29 on Friday. The firm’s fifty day moving average is $97.78 and its two-hundred day moving average is $86.54. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The firm has a market cap of $6.45 billion, a PE ratio of 49.44, a price-to-earnings-growth ratio of 4.81 and a beta of 0.69. Ormat Technologies has a twelve month low of $61.58 and a twelve month high of $111.08.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.11. The company had revenue of $234.02 million for the quarter, compared to analyst estimates of $225.26 million. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share. Equities research analysts anticipate that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, August 20th. Ormat Technologies’s dividend payout ratio (DPR) is presently 22.33%.

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.