Ormat Technologies (NYSE:ORA) Shares Gap Down to $100.21

Shares of Ormat Technologies, Inc. (NYSE:ORAGet Rating) gapped down prior to trading on Thursday . The stock had previously closed at $100.21, but opened at $91.59. Ormat Technologies shares last traded at $92.44, with a volume of 38,025 shares trading hands.

Wall Street Analysts Forecast Growth

ORA has been the subject of a number of research reports. Cowen lifted their target price on Ormat Technologies to $84.00 in a research note on Tuesday, August 9th. Oppenheimer lifted their target price on Ormat Technologies from $85.00 to $97.00 and gave the company an “outperform” rating in a research note on Monday, August 8th. Citigroup began coverage on Ormat Technologies in a research note on Thursday, October 20th. They issued a “neutral” rating and a $91.00 target price for the company. StockNews.com upgraded Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on Ormat Technologies from $97.00 to $88.00 and set a “neutral” rating for the company in a research report on Thursday, October 20th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Ormat Technologies presently has an average rating of “Hold” and an average target price of $87.00.

Ormat Technologies Stock Performance

The stock has a market cap of $5.09 billion, a P/E ratio of 76.27, a PEG ratio of 6.79 and a beta of 0.49. The company has a fifty day moving average of $91.24 and a 200 day moving average of $85.90. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.28 and a quick ratio of 1.20.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Wednesday, November 16th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.53%. The ex-dividend date is Tuesday, November 15th. Ormat Technologies’s dividend payout ratio (DPR) is currently 40.34%.

Insider Buying and Selling at Ormat Technologies

In other news, Director David Granot sold 455 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $93.00, for a total transaction of $42,315.00. Following the transaction, the director now directly owns 2,922 shares in the company, valued at approximately $271,746. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Shimon Hatzir sold 4,526 shares of the business’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $97.20, for a total transaction of $439,927.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Granot sold 455 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $93.00, for a total transaction of $42,315.00. Following the completion of the sale, the director now owns 2,922 shares of the company’s stock, valued at $271,746. The disclosure for this sale can be found here. Insiders have sold a total of 24,038 shares of company stock valued at $2,364,740 in the last three months. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently bought and sold shares of ORA. Signaturefd LLC boosted its holdings in Ormat Technologies by 77.6% in the first quarter. Signaturefd LLC now owns 451 shares of the energy company’s stock worth $37,000 after purchasing an additional 197 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Ormat Technologies by 11.9% in the first quarter. State of New Jersey Common Pension Fund D now owns 39,084 shares of the energy company’s stock worth $3,198,000 after purchasing an additional 4,146 shares in the last quarter. Trillium Asset Management LLC boosted its holdings in Ormat Technologies by 1.4% in the first quarter. Trillium Asset Management LLC now owns 328,324 shares of the energy company’s stock worth $26,867,000 after purchasing an additional 4,463 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Ormat Technologies by 19.1% in the first quarter. Envestnet Asset Management Inc. now owns 14,687 shares of the energy company’s stock worth $1,202,000 after purchasing an additional 2,355 shares in the last quarter. Finally, Prospera Financial Services Inc acquired a new position in Ormat Technologies during the 1st quarter worth $41,000. 92.42% of the stock is currently owned by institutional investors.

Ormat Technologies Company Profile

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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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