FY2016 EPS Estimates for Ormat Technologies Inc. Lowered by Roth Capital (ORA)
Ormat Technologies Inc. (NYSE:ORA) – Investment analysts at Roth Capital reduced their FY2016 earnings estimates for Ormat Technologies in a research report issued to clients and investors on Thursday. Roth Capital analyst G. Sweeney now expects that the brokerage will post earnings per share of $1.75 for the year, down from their prior estimate of $2.12. Roth Capital currently has a “Buy” rating and a $50.00 price target on the stock. Roth Capital also issued estimates for Ormat Technologies’ Q4 2016 earnings at $0.44 EPS, FY2017 earnings at $2.02 EPS and FY2018 earnings at $2.32 EPS.
A number of other research firms have also recently weighed in on ORA. Oppenheimer Holdings Inc. began coverage on Ormat Technologies in a report on Thursday, September 8th. They set an “outperform” rating and a $54.00 price target for the company. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “strong-buy” rating and set a $55.00 price target for the company in a report on Saturday, August 6th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Ormat Technologies in a report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $46.80.
Shares of Ormat Technologies (NYSE:ORA) opened at 46.77 on Monday. Ormat Technologies has a 52 week low of $32.25 and a 52 week high of $51.19. The stock has a market capitalization of $2.32 billion, a P/E ratio of 26.03 and a beta of 1.10. The company has a 50-day moving average price of $47.51 and a 200 day moving average price of $45.95.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. The firm earned $184 million during the quarter, compared to the consensus estimate of $163.66 million. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 EPS.
Several large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its stake in Ormat Technologies by 5.1% in the third quarter. Sei Investments Co. now owns 2,327 shares of the company’s stock valued at $113,000 after buying an additional 113 shares during the period. Victory Capital Management Inc. boosted its stake in Ormat Technologies by 77.2% in the second quarter. Victory Capital Management Inc. now owns 2,623 shares of the company’s stock valued at $115,000 after buying an additional 1,143 shares during the period. BlackRock Inc. boosted its stake in Ormat Technologies by 110.0% in the first quarter. BlackRock Inc. now owns 2,669 shares of the company’s stock valued at $110,000 after buying an additional 1,398 shares during the period. Quantbot Technologies LP purchased a new stake in Ormat Technologies during the second quarter valued at approximately $135,000. Finally, Baird Financial Group Inc. purchased a new stake in Ormat Technologies during the second quarter valued at approximately $204,000. 41.55% of the stock is owned by institutional investors.
In other news, Director Robert F. Clarke sold 22,500 shares of Ormat Technologies stock in a transaction on Friday, August 19th. The stock was sold at an average price of $47.74, for a total value of $1,074,150.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $358,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gillon Beck sold 390,000 shares of Ormat Technologies stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $48.64, for a total value of $18,969,600.00. The disclosure for this sale can be found here. 22.97% of the stock is owned by insiders.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Monday, November 21st will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $0.28 annualized dividend and a dividend yield of 0.60%. Ormat Technologies’s dividend payout ratio (DPR) is currently 15.73%.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
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