Royal Bank Of Canada reiterated their outperform rating on shares of Ormat Technologies (NYSE:ORA – Free Report) in a research note released on Wednesday morning,Benzinga reports. Royal Bank Of Canada currently has a $130.00 price objective on the energy company’s stock.
Other research analysts have also recently issued research reports about the company. Sanford C. Bernstein upgraded Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price target on the stock in a research note on Friday, September 4th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Piper Sandler lifted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Wolfe Research started coverage on Ormat Technologies in a report on Monday, June 8th. They set a “peer perform” rating on the stock. Finally, Wall Street Zen lowered Ormat Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.75.
Get Our Latest Stock Analysis on Ormat Technologies
Ormat Technologies Stock Performance
Ormat Technologies (NYSE:ORA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. The firm had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.48 EPS. On average, research analysts forecast that Ormat Technologies will post 2.47 EPS for the current fiscal year.
Ormat Technologies Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio is 23.65%.
Hedge Funds Weigh In On Ormat Technologies
A number of hedge funds have recently bought and sold shares of the company. Glenmede Trust Co. NA increased its holdings in Ormat Technologies by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company’s stock valued at $274,000 after buying an additional 81 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Ormat Technologies by 9.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock worth $127,000 after buying an additional 99 shares during the last quarter. State of Wyoming grew its position in shares of Ormat Technologies by 6.7% in the 4th quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock worth $231,000 after acquiring an additional 131 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Ormat Technologies by 7.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company’s stock worth $239,000 after acquiring an additional 144 shares in the last quarter. Finally, Evexia Wealth LLC increased its holdings in shares of Ormat Technologies by 2.8% in the 1st quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company’s stock valued at $610,000 after acquiring an additional 149 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.
Ormat Technologies Company Profile
Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.
Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.
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