Ormat Technologies, Inc. (NYSE:ORA) Receives $131.64 Consensus Target Price from Analysts

Ormat Technologies, Inc. (NYSE:ORA) has received an average rating of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $133.1818.

A number of equities research analysts recently commented on ORA shares. Robert W. Baird dropped their target price on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 target price on shares of Ormat Technologies in a report on Friday, May 8th. Barclays increased their target price on shares of Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Citigroup increased their target price 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. Finally, Piper Sandler boosted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research report on Monday.

Insider Buying and Selling

In other Ormat Technologies news, Director Stanley Stern sold 577 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $130.17, for a total value of $75,108.09. Following the transaction, the director owned 6,050 shares in the company, valued at approximately $787,528.50. This trade represents a 8.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Dafna Sharir sold 883 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $122.44, for a total value of $108,114.52. Following the completion of the transaction, the director owned 3,140 shares in the company, valued at $384,461.60. The trade was a 21.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 27,100 shares of company stock worth $3,536,599 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Ormat Technologies

Several large investors have recently bought and sold shares of ORA. Norges Bank purchased a new stake in Ormat Technologies during the 4th quarter valued at about $86,545,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after buying an additional 540,000 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after buying an additional 413,384 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in Ormat Technologies by 32.7% during the first 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. Finally, Altshuler Shaham Ltd lifted its position in Ormat Technologies by 5,810.5% during the first quarter. Altshuler Shaham Ltd now owns 254,625 shares of the energy company’s stock worth $28,254,000 after buying an additional 250,317 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Down 1.8%

Ormat Technologies stock opened at $129.20 on Tuesday. The stock has a 50-day moving average of $114.15 and a two-hundred day moving average of $114.59. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. Ormat Technologies has a one year low of $70.42 and a one year high of $138.51. The stock has a market cap of $7.94 billion, a PE ratio of 62.72, a price-to-earnings-growth ratio of 5.63 and a beta of 0.80.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The firm’s revenue was up 75.8% compared to the same quarter last year. During the same period last year, the business posted $0.68 earnings per share. On average, research analysts anticipate that Ormat Technologies will post 2.33 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.30%.

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.