Ormat Technologies (NYSE:ORA) Hits New 1-Year High After Dividend Announcement

Shares of Ormat Technologies, Inc. (NYSE:ORAGet Rating) hit a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $89.20 and last traded at $89.20, with a volume of 6150 shares changing hands. The stock had previously closed at $87.83.

The newly announced dividend which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 16th. This represents a $0.48 annualized dividend and a dividend yield of 0.53%. Ormat Technologies’s dividend payout ratio is presently 42.48%.

Analyst Upgrades and Downgrades

ORA has been the topic of several recent research reports. StockNews.com raised shares of Ormat Technologies from a “sell” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Ormat Technologies from $77.00 to $80.00 in a research note on Wednesday, July 20th.

Ormat Technologies Price Performance

The business’s 50 day moving average is $79.75 and its 200-day moving average is $77.03. The firm has a market capitalization of $5.09 billion, a P/E ratio of 80.28, a PEG ratio of 6.42 and a beta of 0.51. The company has a quick ratio of 0.81, a current ratio of 0.87 and a debt-to-equity ratio of 0.61.

Insider Activity at Ormat Technologies

In related news, CEO Doron Blachar sold 1,792 shares of Ormat Technologies stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total value of $149,094.40. Following the transaction, the chief executive officer now directly owns 9,671 shares of the company’s stock, valued at $804,627.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ormat Technologies news, CEO Doron Blachar sold 1,792 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total value of $149,094.40. Following the sale, the chief executive officer now owns 9,671 shares in the company, valued at $804,627.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Isaac Angel sold 9,502 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $81.86, for a total transaction of $777,833.72. Following the completion of the sale, the director now owns 39,615 shares in the company, valued at approximately $3,242,883.90. The disclosure for this sale can be found here. Insiders have sold 40,161 shares of company stock valued at $3,338,965 over the last three months. 1.30% of the stock is owned by insiders.

Institutional Trading of Ormat Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Total Clarity Wealth Management Inc. acquired a new stake in Ormat Technologies in the second quarter valued at approximately $27,000. Signaturefd LLC lifted its holdings in shares of Ormat Technologies by 77.6% during the first quarter. Signaturefd LLC now owns 451 shares of the energy company’s stock worth $37,000 after purchasing an additional 197 shares during the period. Prospera Financial Services Inc acquired a new position in shares of Ormat Technologies during the first quarter worth $41,000. AlphaMark Advisors LLC acquired a new position in shares of Ormat Technologies during the first quarter worth $56,000. Finally, Strs Ohio lifted its holdings in shares of Ormat Technologies by 111.1% during the fourth quarter. Strs Ohio now owns 1,900 shares of the energy company’s stock worth $150,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 96.42% of the company’s stock.

About Ormat Technologies

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Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.

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