Zacks Investment Research upgraded shares of Ormat Technologies, Inc. (NYSE:ORA) from a hold rating to a buy rating in a report published on Friday, May 12th. The brokerage currently has $64.00 price objective on the energy company’s stock.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Several other equities research analysts have also issued reports on the company. Cowen and Company reiterated an outperform rating and set a $67.00 price target on shares of Ormat Technologies in a report on Wednesday, April 12th. Oppenheimer Holdings, Inc. set a $65.00 price objective on Ormat Technologies and gave the company a buy rating in a research note on Thursday, May 4th. Barclays PLC raised their price objective on Ormat Technologies from $43.00 to $54.00 and gave the company an underweight rating in a research note on Monday, March 6th. Craig Hallum reissued a buy rating and issued a $70.00 price objective on shares of Ormat Technologies in a research note on Thursday, January 12th. Finally, Roth Capital set a $66.00 price target on Ormat Technologies and gave the stock a buy rating in a research report on Monday, March 6th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Ormat Technologies currently has an average rating of Buy and an average target price of $65.25.
Ormat Technologies (ORA) traded down 0.16% during midday trading on Friday, hitting $60.73. 328,964 shares of the company traded hands. Ormat Technologies has a 12-month low of $41.12 and a 12-month high of $61.49. The stock has a 50 day moving average of $58.76 and a 200 day moving average of $55.83. The stock has a market cap of $3.02 billion, a P/E ratio of 30.64 and a beta of 1.19.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Monday, May 8th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The business had revenue of $189.90 million during the quarter, compared to analyst estimates of $177.42 million. Ormat Technologies had a return on equity of 10.05% and a net margin of 14.26%. The firm’s revenue was up 25.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 EPS. Equities research analysts predict that Ormat Technologies will post $2.32 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Monday, May 22nd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Thursday, May 18th. Ormat Technologies’s dividend payout ratio is 16.08%.
In related news, EVP Bob Sullivan sold 7,151 shares of the business’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $58.13, for a total value of $415,687.63. Following the sale, the executive vice president now owns 7,151 shares of the company’s stock, valued at approximately $415,687.63. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Etty Rosner sold 879 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $56.39, for a total value of $49,566.81. Following the completion of the sale, the senior vice president now directly owns 879 shares in the company, valued at approximately $49,566.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,150 shares of company stock worth $2,855,153. 22.97% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of ORA. Creative Planning raised its position in Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock worth $107,000 after buying an additional 572 shares in the last quarter. Sei Investments Co. raised its position in Ormat Technologies by 5.1% in the third quarter. Sei Investments Co. now owns 2,327 shares of the energy company’s stock worth $113,000 after buying an additional 113 shares in the last quarter. US Bancorp DE raised its position in Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock worth $124,000 after buying an additional 545 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Ormat Technologies during the fourth quarter worth approximately $128,000. Finally, SG Americas Securities LLC raised its position in shares of Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after buying an additional 326 shares during the period. 45.78% of the stock is currently owned by institutional investors.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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