Ormat Technologies (NYSE:ORA) Now Covered by Royal Bank Of Canada

Royal Bank Of Canada initiated coverage on shares of Ormat Technologies (NYSE:ORA) in a report issued on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $130.00 target price on the energy company’s stock.

Other research analysts have also issued reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, January 22nd. UBS Group reiterated a “buy” rating and set a $148.00 target price on shares of Ormat Technologies in a research report on Wednesday, February 4th. Jefferies Financial Group downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating and lifted their price target for the company from $125.00 to $130.00 in a report on Friday, February 13th. Citigroup upped their price objective on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 18th. Finally, JPMorgan Chase & Co. lifted 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. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $129.09.

Ormat Technologies Price Performance

NYSE:ORA opened at $106.25 on Tuesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81. The company has a 50-day moving average of $118.23 and a 200-day moving average of $108.60. Ormat Technologies has a 52 week low of $64.39 and a 52 week high of $132.58. The company has a market capitalization of $6.47 billion, a price-to-earnings ratio of 52.86, a PEG ratio of 4.54 and a beta of 0.84.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.67. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The company had revenue of $276.04 million for the quarter, compared to the consensus estimate of $257.75 million. During the same period in the previous year, the business earned $0.67 earnings per share. The company’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, equities research analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.88%.

Institutional Investors Weigh In On Ormat Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in ORA. Signaturefd LLC boosted its holdings in Ormat Technologies by 13.0% in the fourth quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock valued at $82,000 after acquiring an additional 86 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Ormat Technologies by 9.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock valued at $127,000 after purchasing an additional 99 shares during the last quarter. Jones Financial Companies Lllp grew 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 worth $35,000 after buying an additional 113 shares during the period. State of Wyoming raised its stake in shares of Ormat Technologies by 6.7% during the fourth quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock worth $231,000 after buying an additional 131 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Ormat Technologies by 9.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,609 shares of the energy company’s stock valued at $135,000 after buying an additional 144 shares during the period. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.