Ormat Technologies (NYSE:ORA) Announces Quarterly Earnings Results, Meets Expectations

Ormat Technologies (NYSE:ORA) announced its quarterly earnings results on Wednesday. The energy company reported $0.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.67, Zacks reports. The firm had revenue of $276.04 million for the quarter, compared to analysts’ expectations of $257.75 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The business’s revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.67 earnings per share.

Ormat Technologies Stock Up 1.2%

NYSE:ORA opened at $117.22 on Thursday. The company has a market cap of $7.12 billion, a price-to-earnings ratio of 53.77, a P/E/G ratio of 4.69 and a beta of 0.77. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The stock’s fifty day moving average price is $118.69 and its two-hundred day moving average price is $107.99. Ormat Technologies has a 52-week low of $64.39 and a 52-week high of $132.58.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, March 10th. Ormat Technologies’s payout ratio is 22.02%.

Hedge Funds Weigh In On Ormat Technologies

Several large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in Ormat Technologies by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock worth $211,036,000 after purchasing an additional 43,749 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Northern Trust Corp grew its position in shares of Ormat Technologies by 1.9% during the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company’s stock worth $72,296,000 after buying an additional 14,069 shares during the period. Legal & General Group Plc raised its stake in shares of Ormat Technologies by 2.7% during the third quarter. Legal & General Group Plc now owns 605,478 shares of the energy company’s stock worth $58,277,000 after buying an additional 15,833 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Ormat Technologies by 3.4% in the fourth quarter. Invesco Ltd. now owns 388,496 shares of the energy company’s stock valued at $42,917,000 after buying an additional 12,914 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analyst Ratings Changes

ORA has been the topic of several analyst reports. Oppenheimer upped their target price on shares of Ormat Technologies from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Tuesday, January 27th. Citigroup upped their price objective on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, January 22nd. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Finally, UBS Group reiterated a “buy” rating and issued a $148.00 price objective on shares of Ormat Technologies in a research report on Wednesday, February 4th. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $129.80.

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.