Ormat Technologies Inc. (NYSE:ORA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Several other equities analysts have also recently commented on the stock. Oppenheimer Holdings Inc. assumed coverage on shares of Ormat Technologies in a research note on Thursday, September 8th. They set an “outperform” rating and a $54.00 price objective for the company. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Ormat Technologies in a research note on Wednesday, August 3rd. Finally, Roth Capital began coverage on shares of Ormat Technologies in a research note on Thursday, July 28th. They set a “buy” rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Ormat Technologies presently has a consensus rating of “Hold” and an average target price of $46.80.
Ormat Technologies (NYSE:ORA) opened at 48.19 on Friday. Ormat Technologies has a 1-year low of $32.25 and a 1-year high of $51.19. The company has a market cap of $2.39 billion, a P/E ratio of 26.82 and a beta of 1.10. The stock’s 50 day moving average is $47.21 and its 200 day moving average is $46.11.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.51 by $0.05. The company earned $184 million during the quarter, compared to analysts’ expectations of $163.66 million. Ormat Technologies had a net margin of 13.29% and a return on equity of 9.45%. Ormat Technologies’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 earnings per share. Equities analysts anticipate that Ormat Technologies will post $1.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Monday, November 21st will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.58%. Ormat Technologies’s dividend payout ratio is presently 15.73%.
In other news, Director Gillon Beck sold 390,000 shares of the company’s stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $48.64, for a total value of $18,969,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dan Falk sold 7,500 shares of the company’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $48.90, for a total transaction of $366,750.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $366,750. The disclosure for this sale can be found here. 22.97% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Ormat Technologies during the second quarter worth about $216,000. NN Investment Partners Holdings N.V. boosted its stake in shares of Ormat Technologies by 7.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 24,084 shares of the company’s stock worth $1,054,000 after buying an additional 1,684 shares during the period. Impax Asset Management LTD boosted its stake in shares of Ormat Technologies by 7.9% in the second quarter. Impax Asset Management LTD now owns 610,831 shares of the company’s stock worth $26,729,000 after buying an additional 44,653 shares during the period. First Trust Advisors LP boosted its stake in shares of Ormat Technologies by 53.3% in the second quarter. First Trust Advisors LP now owns 74,881 shares of the company’s stock worth $3,277,000 after buying an additional 26,025 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Ormat Technologies during the second quarter worth about $4,301,000. 41.18% of the stock is owned by institutional investors.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.