Ormat Technologies (NYSE:ORA) Hits New 52-Week High on Strong Earnings

Ormat Technologies, Inc. (NYSE:ORA)’s stock price hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $113.25 and last traded at $111.56, with a volume of 118753 shares. The stock had previously closed at $107.82.

The energy company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The company had revenue of $249.73 million for the quarter, compared to analyst estimates of $235.03 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. Ormat Technologies has set its FY 2025 guidance at EPS.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a dividend of $0.12 per share. The ex-dividend date is Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is 22.33%.

Analysts Set New Price Targets

ORA has been the topic of a number of recent research reports. Roth Capital reiterated a “buy” rating and set a $98.00 target price (up previously from $88.00) on shares of Ormat Technologies in a research note on Tuesday, August 5th. Baird R W upgraded Ormat Technologies from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 30th. Oppenheimer restated an “outperform” rating and set a $100.00 price objective on shares of Ormat Technologies in a research note on Friday, August 8th. Piper Sandler upgraded 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 research note on Wednesday, September 17th. Finally, UBS Group raised their price objective on Ormat Technologies from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director Dafna Sharir sold 981 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $96.70, for a total value of $94,862.70. Following the sale, the director owned 2,257 shares of the company’s stock, valued at approximately $218,251.90. This trade represents a 30.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Doron Blachar sold 14,994 shares of the firm’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $94.71, for a total value of $1,420,081.74. Following the completion of the sale, the chief executive officer directly owned 35,419 shares in the company, valued at approximately $3,354,533.49. This represents a 29.74% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have 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 have recently modified their holdings of the company. AlphaQuest LLC boosted its holdings in shares of Ormat Technologies by 218.0% during the 3rd quarter. AlphaQuest LLC now owns 547 shares of the energy company’s stock valued at $53,000 after acquiring an additional 375 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Ormat Technologies by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 17,053 shares of the energy company’s stock valued at $1,641,000 after acquiring an additional 249 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Ormat Technologies by 16.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 7,236 shares of the energy company’s stock valued at $696,000 after acquiring an additional 1,048 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Ormat Technologies during the 3rd quarter valued at $14,005,000. Finally, Retirement Systems of Alabama boosted its holdings in shares of Ormat Technologies by 169.7% during the 3rd quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company’s stock valued at $18,286,000 after acquiring an additional 119,552 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

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 company has a market cap of $6.72 billion, a price-to-earnings ratio of 51.34, a P/E/G ratio of 4.84 and a beta of 0.69. The company has a fifty day moving average of $98.87 and a two-hundred day moving average of $87.67.

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, 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.