Ormat Technologies (NYSE:ORA) Hits New 12-Month High Following Dividend Announcement

Ormat Technologies, Inc. (NYSE:ORA)’s share price reached a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as $82.53 and last traded at $82.26, with a volume of 77144 shares. The stock had previously closed at $81.92.

The newly announced dividend which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Wednesday, November 20th. Ormat Technologies’s payout ratio is 21.92%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Roth Mkm reissued a “buy” rating and set a $80.00 target price on shares of Ormat Technologies in a research note on Monday, August 12th. Oppenheimer raised their target price on Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their target price on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $81.67.

Ormat Technologies Stock Up 1.4 %

The company has a market capitalization of $5.02 billion, a P/E ratio of 37.93, a PEG ratio of 4.22 and a beta of 0.53. The stock has a 50 day moving average price of $76.79 and a 200 day moving average price of $73.95. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.89 and a current ratio of 0.97.

Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 6th. The energy company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Ormat Technologies had a return on equity of 5.40% and a net margin of 14.89%. The business had revenue of $212.96 million during the quarter, compared to the consensus estimate of $214.07 million. During the same period last year, the business posted $0.40 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. Equities research analysts forecast that Ormat Technologies, Inc. will post 1.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the transaction, the director now directly owns 6,906 shares of the company’s stock, valued at $517,811.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the sale, the director now owns 6,906 shares of the company’s stock, valued at approximately $517,811.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dafna Sharir sold 433 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the sale, the director now directly owns 3,561 shares of the company’s stock, valued at $266,754.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Y.D. More Investments Ltd boosted its holdings in shares of Ormat Technologies by 1,011.5% during the 2nd quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock valued at $34,943,000 after buying an additional 449,209 shares in the last quarter. Swedbank AB bought a new stake in Ormat Technologies during the first quarter worth about $7,907,000. Dimensional Fund Advisors LP grew its holdings in Ormat Technologies by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock worth $104,030,000 after purchasing an additional 86,291 shares during the period. Vanguard Group Inc. increased its stake in shares of Ormat Technologies by 1.2% during the first quarter. Vanguard Group Inc. now owns 5,388,571 shares of the energy company’s stock valued at $356,670,000 after purchasing an additional 63,943 shares in the last quarter. Finally, Beck Bode LLC lifted its holdings in shares of Ormat Technologies by 34.1% during the first quarter. Beck Bode LLC now owns 174,882 shares of the energy company’s stock valued at $11,575,000 after purchasing an additional 44,451 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.

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.