Ormat Technologies (NYSE:ORA) Shares Down 6.9% – Time to Sell?

Shares of Ormat Technologies, Inc. (NYSE:ORA) fell 6.9% on Wednesday . The company traded as low as $102.09 and last traded at $100.4970. Approximately 171,924 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 843,605 shares. The stock had previously closed at $107.97.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ORA shares. Piper Sandler upped their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Wall Street Zen downgraded shares of Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Barclays decreased their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Wolfe Research began coverage on Ormat Technologies in a research report on Monday, June 8th. They issued a “peer perform” rating for the company. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of Ormat Technologies in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $130.08.

Ormat Technologies Trading Down 10.3%

The company’s 50 day moving average price is $106.36 and its two-hundred day moving average price is $115.12. The firm has a market cap of $5.96 billion, a PE ratio of 47.44, a P/E/G ratio of 4.26 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The company had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same period in the prior year, the firm posted $0.48 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Dividend Announcement

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

Institutional Investors Weigh In On Ormat Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its holdings in Ormat Technologies by 324.1% during the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock valued at $1,740,000 after acquiring an additional 19,043 shares during the period. United Services Automobile Association bought a new stake in shares of Ormat Technologies during the first quarter worth $243,000. Empowered Funds LLC boosted its stake in shares of Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after purchasing an additional 286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Ormat Technologies by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after purchasing an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 2,329 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

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.