Ormat Technologies (NYSE:ORA) Earns Neutral Rating from Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a research report report published on Thursday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $78.00 price objective on the energy company’s stock.

Several other analysts have also recently weighed in on ORA. Roth Mkm reaffirmed a “buy” rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Oppenheimer upped their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Ormat Technologies has an average rating of “Hold” and a consensus target price of $83.57.

Ormat Technologies Price Performance

ORA stock opened at $67.52 on Thursday. The firm has a 50 day moving average of $78.62 and a 200-day moving average of $75.72. The firm has a market capitalization of $4.08 billion, a P/E ratio of 34.45, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.31 by $0.05. The firm had revenue of $211.80 million during the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $0.47 EPS. As a group, sell-side analysts predict that Ormat Technologies will post 1.93 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, November 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.71%. Ormat Technologies’s dividend payout ratio (DPR) is presently 24.49%.

Insider Activity at Ormat Technologies

In related news, Director David Granot sold 1,256 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the transaction, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This trade represents a 25.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors have recently bought and sold shares of ORA. Blue Trust Inc. lifted its position in Ormat Technologies by 180.3% in the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after purchasing an additional 229 shares during the last quarter. Harrington Investments INC raised its holdings in Ormat Technologies by 3.0% during the 2nd quarter. Harrington Investments INC now owns 7,950 shares of the energy company’s stock valued at $570,000 after buying an additional 230 shares during the last quarter. Arizona State Retirement System boosted its position in Ormat Technologies by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 15,214 shares of the energy company’s stock valued at $1,091,000 after buying an additional 286 shares during the period. UMB Bank n.a. grew its holdings in Ormat Technologies by 107.7% in the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock worth $47,000 after acquiring an additional 320 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Ormat Technologies by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after acquiring an additional 321 shares during the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.