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

Ormat Technologies, Inc. (NYSE:ORA) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $116.95 and last traded at $113.36, with a volume of 154588 shares trading hands. The stock had previously closed at $113.73.

Wall Street Analysts Forecast Growth

Several analysts have commented on ORA shares. Barclays increased their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Oppenheimer reissued an “outperform” rating and set a $125.00 target price on shares of Ormat Technologies in a research report on Wednesday, November 5th. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $125.00 price target on shares of Ormat Technologies in a research report on Monday, November 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.22.

Ormat Technologies Trading Down 0.8%

The stock’s fifty day simple moving average is $111.00 and its 200-day simple moving average is $99.18. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.70. The firm has a market cap of $6.86 billion, a PE ratio of 51.66, a PEG ratio of 4.55 and a beta of 0.71.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The firm had revenue of $249.73 million for the quarter, compared to analyst estimates of $235.03 million. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 earnings per share. On average, sell-side analysts forecast that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 22.02%.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 721 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $115.00, for a total value of $82,915.00. Following the completion of the transaction, the insider directly owned 3,433 shares of the company’s stock, valued at approximately $394,795. The trade was a 17.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Isaac Angel sold 18,018 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the sale, the director directly owned 29,650 shares in the company, valued at $3,333,253. This trade represents a 37.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 40,860 shares of company stock worth $4,601,530. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors and hedge funds have recently modified their holdings of ORA. GAMMA Investing LLC raised its stake in Ormat Technologies by 16.6% in the 4th quarter. GAMMA Investing LLC now owns 1,364 shares of the energy company’s stock valued at $151,000 after purchasing an additional 194 shares during the last quarter. Keel Point LLC purchased a new stake in shares of Ormat Technologies during the third quarter worth $207,000. Swiss Life Asset Management Ltd purchased a new stake in shares of Ormat Technologies during the third quarter worth $256,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Ormat Technologies in the third quarter valued at about $627,000. Finally, Danske Bank A S purchased a new position in shares of Ormat Technologies in the third quarter worth about $154,000. Hedge funds and other institutional investors 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.