Ormat Technologies Inc. (NYSE:ORA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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 research analysts also recently weighed in on the company. Oppenheimer Holdings Inc. assumed coverage on Ormat Technologies in a research note on Thursday, September 8th. They set an “outperform” rating and a $54.00 price target for the company. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Ormat Technologies in a research note on Wednesday, August 3rd. Finally, Roth Capital assumed coverage on Ormat Technologies in a research note on Thursday, July 28th. They set a “buy” rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Ormat Technologies currently has a consensus rating of “Hold” and an average target price of $46.80.
Shares of Ormat Technologies (NYSE:ORA) traded up 0.37% on Friday, reaching $48.37. The company’s stock had a trading volume of 20,354 shares. The stock has a market cap of $2.40 billion, a P/E ratio of 26.92 and a beta of 1.10. The firm’s 50-day moving average price is $47.21 and its 200-day moving average price is $46.11. Ormat Technologies has a 12 month low of $32.25 and a 12 month high of $51.19.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. The company earned $184 million during the quarter, compared to the consensus estimate of $163.66 million. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 EPS. On average, analysts forecast that Ormat Technologies will post $1.75 earnings per share for the current fiscal year.
The business also recently announced 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 annualized dividend and a yield of 0.58%. Ormat Technologies’s dividend payout ratio is currently 15.73%.
In other news, Director Dan Falk sold 7,500 shares of Ormat Technologies stock in a transaction dated Tuesday, September 6th. The stock was 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 owns 7,500 shares in the company, valued at approximately $366,750. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gillon Beck sold 390,000 shares of Ormat Technologies stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $48.64, for a total value of $18,969,600.00. The disclosure for this sale can be found here. 22.97% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Sei Investments Co. increased its stake in shares of Ormat Technologies by 5.1% in the third quarter. Sei Investments Co. now owns 2,327 shares of the company’s stock worth $113,000 after buying an additional 113 shares during the period. Victory Capital Management Inc. increased its stake in shares of Ormat Technologies by 77.2% in the second quarter. Victory Capital Management Inc. now owns 2,623 shares of the company’s stock worth $115,000 after buying an additional 1,143 shares during the period. BlackRock Inc. increased its stake in shares of Ormat Technologies by 110.0% in the first quarter. BlackRock Inc. now owns 2,669 shares of the company’s stock worth $110,000 after buying an additional 1,398 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Ormat Technologies during the second quarter worth about $135,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Ormat Technologies during the second quarter worth about $204,000. Hedge funds and other institutional investors own 41.18% of the company’s stock.
Ormat Technologies Company Profile
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.