Ormat Technologies, Inc. (NYSE:ORA) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have earned an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $117.6667.

Several equities research analysts recently issued reports on the company. Jefferies Financial Group reissued a “buy” rating and set a $125.00 price target on shares of Ormat Technologies in a research report on Monday, November 24th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Piper Sandler raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $102.00 in a report on Wednesday, September 17th. Barclays raised their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Cowen reaffirmed a “hold” rating on shares of Ormat Technologies in a research report on Wednesday, November 5th.

Insider Activity at Ormat Technologies

In other news, insider Jessica Woelfel sold 5,611 shares of the stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $94.80, for a total transaction of $531,922.80. Following the sale, the insider directly owned 3,433 shares in the company, valued at approximately $325,448.40. This represents a 62.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Doron Blachar sold 14,994 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $94.71, for a total value of $1,420,081.74. Following the completion of the sale, the chief executive officer directly owned 35,419 shares in the company, valued at approximately $3,354,533.49. This trade represents a 29.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 72,418 shares of company stock valued at $7,580,300. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ORA. Curio Wealth LLC boosted its stake in Ormat Technologies by 29,200.0% during the second quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after buying an additional 292 shares in the last quarter. Jones Financial Companies Lllp boosted its position 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 purchasing an additional 113 shares in the last quarter. Ameriflex Group Inc. grew its stake in shares of Ormat Technologies by 1,100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock worth $35,000 after purchasing an additional 330 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Ormat Technologies by 251.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock worth $44,000 after purchasing an additional 374 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Ormat Technologies by 218.0% in the 3rd quarter. AlphaQuest LLC now owns 547 shares of the energy company’s stock worth $53,000 after purchasing an additional 375 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $113.39 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. Ormat Technologies has a 1 year low of $61.58 and a 1 year high of $116.66. The firm’s 50-day simple moving average is $109.40 and its 200-day simple moving average is $95.22. The firm has a market cap of $6.89 billion, a PE ratio of 52.01, a price-to-earnings-growth ratio of 5.20 and a beta of 0.74.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The firm had revenue of $249.73 million during the quarter, compared to analyst estimates of $235.03 million. During the same period in the previous year, the company earned $0.36 earnings per share. Ormat Technologies’s quarterly revenue was up 17.9% on a year-over-year basis. Equities analysts forecast that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s payout ratio is presently 22.02%.

About Ormat Technologies

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.