Zacks Investment Research upgraded shares of Ormat Technologies Inc. (NYSE:ORA) from a sell rating to a hold rating in a research note released on Friday morning.
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 brokerages have also recently issued reports on ORA. JPMorgan Chase & Co. reaffirmed a hold rating on shares of Ormat Technologies in a report on Wednesday, August 3rd. Oppenheimer Holdings Inc. initiated coverage on Ormat Technologies in a report on Thursday, September 8th. They set an outperform rating and a $54.00 price objective for the company. Finally, Roth Capital initiated coverage on Ormat Technologies in a report on Thursday, July 28th. They set a buy rating and a $50.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $46.80.
Ormat Technologies (NYSE:ORA) opened at 48.43 on Friday. The stock’s 50 day moving average price is $47.25 and its 200-day moving average price is $46.15. Ormat Technologies has a 12-month low of $32.25 and a 12-month high of $51.19. The stock has a market capitalization of $2.40 billion, a PE ratio of 26.95 and a beta of 1.10.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. The firm earned $184 million during the quarter, compared to analysts’ expectations of $163.66 million. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. Ormat Technologies’s revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. Analysts expect that Ormat Technologies will post $1.75 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Monday, November 21st will be issued a $0.07 dividend. The ex-dividend date is Thursday, November 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.58%. Ormat Technologies’s dividend payout ratio (DPR) is 15.73%.
In other news, Director Gillon Beck sold 390,000 shares of the business’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $48.64, for a total value of $18,969,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dan Falk sold 7,500 shares of the business’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $48.90, for a total value of $366,750.00. Following the completion of the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at $366,750. The disclosure for this sale can be found here. 22.97% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in ORA. BlackRock Inc. boosted its position in 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. Sei Investments Co. boosted its position in 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. boosted its position in 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. Quantbot Technologies LP bought a new position in Ormat Technologies during the second quarter worth $135,000. Finally, Baird Financial Group Inc. bought a new position in Ormat Technologies during the second quarter worth $204,000. 43.00% 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.