Ormat Technologies, Inc. (NYSE:ORA) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have earned a consensus recommendation of “Hold” from the seven analysts that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $83.57.

ORA has been the subject of several recent analyst reports. Oppenheimer raised their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Finally, Piper Sandler started coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective on the stock.

Insider Buying and Selling at Ormat Technologies

In other news, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Granot sold 1,256 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now owns 3,576 shares in the company, valued at approximately $293,232. The trade was a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC grew its position in shares of Ormat Technologies by 36.8% in the 3rd quarter. Tidal Investments LLC now owns 45,642 shares of the energy company’s stock worth $3,512,000 after buying an additional 12,272 shares during the last quarter. Geode Capital Management LLC lifted its stake in Ormat Technologies by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company’s stock worth $100,140,000 after acquiring an additional 22,714 shares during the period. Holocene Advisors LP boosted its holdings in Ormat Technologies by 28.7% in the third quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after acquiring an additional 10,718 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Ormat Technologies during the 3rd quarter valued at $19,096,000. Finally, Summit Partners Public Asset Management LLC increased its position in Ormat Technologies by 16.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock valued at $26,929,000 after purchasing an additional 50,000 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Down 1.9 %

Shares of Ormat Technologies stock opened at $67.91 on Friday. The firm’s 50 day moving average is $77.99 and its 200 day moving average is $75.57. The firm has a market capitalization of $4.11 billion, a PE ratio of 34.65, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53. Ormat Technologies has a 1 year low of $59.41 and a 1 year 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 earnings per share (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 analysts’ expectations of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 EPS. Equities research analysts forecast that Ormat Technologies will post 1.93 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were issued a $0.12 dividend. 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 payout ratio is currently 24.49%.

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.