Ormat Technologies, Inc. (NYSE:ORA – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $131.00 to $98.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Ormat Technologies traded as low as $86.74 and last traded at $87.02, with a volume of 130,185 shares trading hands. The stock had previously closed at $89.31.
Several other brokerages also recently weighed in on ORA. TD Cowen upgraded Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. Oppenheimer increased their price objective on Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, September 9th. Barclays cut their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Sanford C. Bernstein raised shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price on the stock in a research note on Friday, September 4th. Finally, Zacks Research lowered shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $128.00.
Read Our Latest Stock Report on ORA
Institutional Trading of Ormat Technologies
Several large investors have recently modified their holdings of ORA. Main Street Group LTD purchased a new position in shares of Ormat Technologies during the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies in the fourth quarter worth about $31,000. Quantbot Technologies LP bought a new position in Ormat Technologies in the second quarter worth about $33,000. Allworth Financial LP bought a new position in Ormat Technologies in the second quarter worth about $40,000. Finally, Public Employees Retirement System of Ohio bought a new position in Ormat Technologies in the second quarter worth about $46,000. 95.49% of the stock is owned by institutional investors.
Ormat Technologies Stock Up 0.9%
The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The company’s fifty day simple moving average is $98.40 and its 200 day simple moving average is $111.29. The firm has a market capitalization of $5.37 billion, a PE ratio of 43.04, a price-to-earnings-growth ratio of 3.29 and a beta of 0.90.
Ormat Technologies (NYSE:ORA – Get Free Report) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter in the previous year, the business posted $0.48 EPS. The company’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts anticipate that Ormat Technologies, Inc. will post 2.63 earnings per share for the current fiscal year.
Ormat Technologies Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.
About Ormat Technologies
Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.
Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.
Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.
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