Ormat Technologies (NYSE:ORA) Hits New 1-Year High on Better-Than-Expected Earnings

Ormat Technologies, Inc. (NYSE:ORA)’s stock price reached a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $113.25 and last traded at $111.56, with a volume of 118753 shares traded. The stock had previously closed at $107.82.

The energy company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The company had revenue of $249.73 million for the quarter, compared to analyst estimates of $235.03 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.Ormat Technologies’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. Ormat Technologies has set its FY 2025 guidance at EPS.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is 22.33%.

Analyst Ratings Changes

Several analysts have weighed in on ORA shares. Barclays lowered their target price on Ormat Technologies from $90.00 to $89.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $88.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Oppenheimer reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Ormat Technologies in a research note on Friday, August 8th. Baird R W upgraded shares of Ormat Technologies from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 30th. Finally, Roth Capital restated a “buy” rating and issued a $98.00 target price (up from $88.00) on shares of Ormat Technologies in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Ormat Technologies currently has an average rating of “Moderate Buy” and an average price target of $99.30.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 5,611 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $94.80, for a total value of $531,922.80. Following the sale, the insider directly owned 3,433 shares of the company’s stock, valued at approximately $325,448.40. This trade represents a 62.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Assi Ginzburg sold 9,343 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $93.31, for a total transaction of $871,795.33. Following the sale, the chief financial officer directly owned 24,482 shares of the company’s stock, valued at approximately $2,284,415.42. This trade represents a 27.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 40,926 shares of company stock worth $3,861,296 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently modified their holdings of the stock. AGF Management Ltd. purchased a new stake in shares of Ormat Technologies during the 3rd quarter valued at about $9,527,000. Jones Financial Companies Lllp raised its holdings in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after buying an additional 113 shares during the period. State of Wyoming raised its holdings in shares of Ormat Technologies by 19.6% during the 3rd quarter. State of Wyoming now owns 1,960 shares of the energy company’s stock valued at $189,000 after buying an additional 321 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Ormat Technologies by 3.3% during the 3rd quarter. Principal Financial Group Inc. now owns 136,880 shares of the energy company’s stock valued at $13,175,000 after buying an additional 4,436 shares during the period. Finally, Gitterman Wealth Management LLC raised its holdings in shares of Ormat Technologies by 26.4% during the 3rd quarter. Gitterman Wealth Management LLC now owns 3,691 shares of the energy company’s stock valued at $355,000 after buying an additional 772 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Trading Up 0.8%

The firm has a market capitalization of $6.60 billion, a PE ratio of 50.55, a P/E/G ratio of 4.84 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The firm has a fifty day moving average of $99.21 and a 200 day moving average of $87.93.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in 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.