Zacks Investment Research upgraded shares of Ormat Technologies, Inc. (NYSE:ORA) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $65.00 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. “
A number of other equities research analysts have also recently commented on ORA. Cowen and Company set a $67.00 target price on shares of Ormat Technologies and gave the company a buy rating in a research report on Monday, July 17th. J P Morgan Chase & Co upgraded shares of Ormat Technologies from a neutral rating to an overweight rating and increased their target price for the company from $65.00 to $71.00 in a research report on Wednesday, June 7th. BidaskClub upgraded shares of Ormat Technologies from a hold rating to a buy rating in a research report on Saturday, June 10th. Barclays PLC upgraded shares of Ormat Technologies from an underweight rating to an equal weight rating and increased their target price for the company from $54.00 to $59.00 in a research report on Friday, May 26th. Finally, Oppenheimer Holdings, Inc. set a $65.00 target price on shares of Ormat Technologies and gave the company a buy rating in a research report on Thursday, May 4th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Ormat Technologies has an average rating of Buy and an average target price of $65.38.
Ormat Technologies (NYSE ORA) opened at 56.13 on Tuesday. The stock has a market capitalization of $2.80 billion, a PE ratio of 25.61 and a beta of 1.20. The firm has a 50 day moving average of $58.24 and a 200-day moving average of $57.68. Ormat Technologies has a 52 week low of $45.30 and a 52 week high of $61.49.
Ormat Technologies (NYSE:ORA) last issued its earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. The business had revenue of $179.36 million during the quarter, compared to analysts’ expectations of $169.80 million. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. On average, equities analysts predict that Ormat Technologies will post $2.28 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Friday, August 11th. Ormat Technologies’s payout ratio is currently 14.61%.
In related news, Director Robert Eugene Joyal sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $57.00, for a total transaction of $427,500.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $427,500. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total transaction of $410,550,822.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,075,533 shares of company stock valued at $631,371,335. 22.97% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Ormat Technologies by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock valued at $89,594,000 after buying an additional 96,288 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Ormat Technologies by 17.8% in the second quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after buying an additional 164,100 shares during the period. Ramsey Quantitative Systems bought a new position in shares of Ormat Technologies during the second quarter valued at $314,000. Advisor Group Inc. raised its position in shares of Ormat Technologies by 153.2% in the second quarter. Advisor Group Inc. now owns 2,302 shares of the energy company’s stock valued at $135,000 after buying an additional 1,393 shares during the period. Finally, Hanseatic Management Services Inc. raised its position in shares of Ormat Technologies by 1.0% in the second quarter. Hanseatic Management Services Inc. now owns 4,940 shares of the energy company’s stock valued at $290,000 after buying an additional 48 shares during the period. Hedge funds and other institutional investors own 45.91% of the company’s stock.
Ormat Technologies Company Profile
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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