Brokerages Anticipate Ormat Technologies, Inc. (ORA) Will Announce Quarterly Sales of $169.36 Million
Analysts expect Ormat Technologies, Inc. (NYSE:ORA) to post $169.36 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Ormat Technologies’ earnings. The highest sales estimate is $174.79 million and the lowest is $166.40 million. Ormat Technologies posted sales of $166.52 million during the same quarter last year, which suggests a positive year over year growth rate of 1.7%. The company is scheduled to report its next earnings results before the market opens on Thursday, March 1st.
On average, analysts expect that Ormat Technologies will report full year sales of $169.36 million for the current financial year, with estimates ranging from $692.80 million to $709.02 million. For the next fiscal year, analysts anticipate that the business will post sales of $724.61 million per share, with estimates ranging from $700.20 million to $770.64 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Ormat Technologies.
Several brokerages recently issued reports on ORA. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, February 7th. Guggenheim began coverage on Ormat Technologies in a research report on Monday, January 8th. They set a “buy” rating and a $72.00 target price on the stock. Cowen set a $67.00 target price on Ormat Technologies and gave the company a “buy” rating in a research report on Thursday, March 1st. JPMorgan Chase & Co. upped their target price on Ormat Technologies from $72.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. Finally, TheStreet raised Ormat Technologies from a “c+” rating to a “b-” rating in a research report on Monday, November 13th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $69.57.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, March 14th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, March 13th. This is a positive change from Ormat Technologies’s previous quarterly dividend of $0.08. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.68%. Ormat Technologies’s dividend payout ratio is currently 13.73%.
Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Ormat Technologies by 1.7% in the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock valued at $117,000 after purchasing an additional 34 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Ormat Technologies by 43.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,614 shares of the energy company’s stock valued at $167,000 after purchasing an additional 791 shares during the period. Advisor Group Inc. increased its holdings in shares of Ormat Technologies by 39.1% in the third quarter. Advisor Group Inc. now owns 3,201 shares of the energy company’s stock valued at $196,000 after purchasing an additional 899 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in shares of Ormat Technologies in the fourth quarter valued at about $230,000. Finally, Xact Kapitalforvaltning AB acquired a new position in shares of Ormat Technologies in the fourth quarter valued at about $265,000. 69.99% of the stock is currently owned by institutional investors and hedge funds.
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About Ormat Technologies
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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