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

Ormat Technologies, Inc. (NYSE:ORA) has received an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $129.0909.

Several brokerages recently issued reports on ORA. Robert W. Baird lowered their price target on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, January 22nd. Barclays lifted their price objective on Ormat Technologies from $108.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Oppenheimer boosted their price objective on Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Tuesday, January 27th. Finally, Piper Sandler upped their target price on Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $106.47 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.81 and a quick ratio of 0.75. The company has a market cap of $6.48 billion, a PE ratio of 52.97, a price-to-earnings-growth ratio of 4.50 and a beta of 0.84. The firm has a fifty day moving average price of $117.00 and a two-hundred day moving average price of $110.13. Ormat Technologies has a fifty-two week low of $64.39 and a fifty-two week high of $132.58.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.67. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The company had revenue of $276.04 million for the quarter, compared to the consensus estimate of $257.75 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The business’s revenue was up 19.6% compared to the same quarter last year. Analysts expect that Ormat Technologies will post 1.94 EPS for the current year.

Ormat Technologies Dividend Announcement

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

Insider Activity

In other news, insider Jessica Woelfel sold 2,359 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the transaction, the insider directly owned 3,433 shares of the company’s stock, valued at approximately $361,014.28. This trade represents a 40.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies during the fourth quarter worth about $26,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies in the 4th quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new stake in shares of Ormat Technologies in the 4th quarter valued at approximately $32,000. Wolff Wiese Magana LLC acquired a new position in shares of Ormat Technologies in the 4th quarter worth approximately $33,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after buying an additional 211 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

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.