Analysts Set Ormat Technologies, Inc. (ORA) Price Target at $65.43
Shares of Ormat Technologies, Inc. (NYSE:ORA) have been assigned a consensus rating of “Buy” from the ten research firms that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $65.43.
A number of equities analysts recently issued reports on ORA shares. BidaskClub lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research upgraded Ormat Technologies from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday, August 8th. Barclays PLC upgraded Ormat Technologies from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, J P Morgan Chase & Co upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $65.00 to $71.00 in a research note on Wednesday, June 7th.
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Ormat Technologies (NYSE:ORA) traded up 1.50% during mid-day trading on Friday, reaching $58.96. The company had a trading volume of 77,144 shares. The stock’s 50-day moving average price is $57.23 and its 200 day moving average price is $58.00. Ormat Technologies has a 52 week low of $45.30 and a 52 week high of $61.49. The firm has a market capitalization of $2.94 billion, a PE ratio of 26.90 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The firm had revenue of $179.36 million during the quarter, compared to analysts’ expectations of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.49 EPS. On average, equities research analysts predict that Ormat Technologies will post $2.29 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th were paid a $0.08 dividend. The ex-dividend date was Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a yield of 0.55%. Ormat Technologies’s dividend payout ratio (DPR) is 14.61%.
In other Ormat Technologies news, VP Shimon Hatzir sold 2,976 shares of Ormat Technologies stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $58.50, for a total transaction of $174,096.00. Following the completion of the transaction, the vice president now owns 2,976 shares in the company, valued at approximately $174,096. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Isaac Angel sold 150,000 shares of Ormat Technologies stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total value of $8,550,000.00. The disclosure for this sale can be found here. Insiders sold a total of 11,039,155 shares of company stock valued at $629,243,610 in the last 90 days. 22.97% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORA. Russell Investments Group Ltd. raised its stake in shares of Ormat Technologies by 649.8% during the 1st quarter. Russell Investments Group Ltd. now owns 17,905 shares of the energy company’s stock valued at $1,022,000 after buying an additional 15,517 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Ormat Technologies by 6.3% during the 1st quarter. Wells Fargo & Company MN now owns 49,488 shares of the energy company’s stock valued at $2,825,000 after buying an additional 2,918 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Ormat Technologies by 1.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 40,261 shares of the energy company’s stock valued at $2,298,000 after buying an additional 770 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Ormat Technologies during the 1st quarter valued at about $177,000. Finally, Capital Fund Management S.A. purchased a new position in shares of Ormat Technologies during the 1st quarter valued at about $234,000. Institutional investors and hedge funds own 46.41% of the company’s stock.
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. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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