Ormat Technologies (NYSE:ORA) Reaches New 52-Week Low – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA) shares reached a new 52-week low during trading on Monday. The company traded as low as $90.12 and last traded at $90.4960, with a volume of 314741 shares trading hands. The stock had previously closed at $93.63.

Analysts Set New Price Targets

ORA has been the topic of several recent analyst reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. Oppenheimer raised their price target on Ormat Technologies from $141.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Wolfe Research started coverage on Ormat Technologies in a report on Monday, June 8th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $122.00 to $131.00 and gave the company a “neutral” rating in a research report on Wednesday, September 9th. Finally, Barclays lowered their target price on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.75.

Ormat Technologies Stock Performance

The stock has a fifty day simple moving average of $102.62 and a 200-day simple moving average of $113.68. The stock has a market cap of $5.55 billion, a P/E ratio of 44.48, a PEG ratio of 3.60 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. On average, equities analysts expect that Ormat Technologies, Inc. will post 2.6 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Hedge Funds Weigh In On Ormat Technologies

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Ormat Technologies in the second quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in Ormat Technologies in the second quarter valued at $259,568,000. Geode Capital Management LLC increased its stake in Ormat Technologies by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company’s stock valued at $178,033,000 after buying an additional 102,864 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in Ormat Technologies in the 2nd quarter valued at $173,638,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in Ormat Technologies by 32.7% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after buying an additional 282,583 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.