Ormat Technologies (NYSE:ORA) Reaches New 12-Month High – Time to Buy?

Ormat Technologies, Inc. (NYSE:ORA) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $78.53 and last traded at $78.43, with a volume of 158405 shares changing hands. The stock had previously closed at $77.02.

Wall Street Analysts Forecast Growth

ORA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Oppenheimer increased their target price on Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Roth Mkm reissued a “buy” rating and issued a $80.00 target price on shares of Ormat Technologies in a research report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Ormat Technologies Price Performance

The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72. The company has a market cap of $4.73 billion, a PE ratio of 35.19, a P/E/G ratio of 3.92 and a beta of 0.53. The firm has a 50 day moving average of $74.78 and a two-hundred day moving average of $72.26.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Tuesday, August 6th. The energy company reported $0.40 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $214.07 million. During the same period last year, the business posted $0.40 EPS. The company’s revenue was up 9.3% compared to the same quarter last year. Research analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a yield of 0.61%. Ormat Technologies’s dividend payout ratio is 21.62%.

Insider Buying and Selling at Ormat Technologies

In other news, Director Dafna Sharir sold 433 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total value of $32,436.03. Following the transaction, the director now directly owns 3,561 shares in the company, valued at $266,754.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Byron G. Wong sold 1,266 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the transaction, the director now directly owns 6,906 shares in the company, valued at $517,811.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Dafna Sharir sold 433 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total value of $32,436.03. Following the completion of the transaction, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently bought and sold shares of ORA. Wellington Management Group LLP raised its holdings in Ormat Technologies by 3.5% during the fourth quarter. Wellington Management Group LLP now owns 1,041,169 shares of the energy company’s stock valued at $78,910,000 after acquiring an additional 35,665 shares during the period. Vanguard Group Inc. raised its holdings in Ormat Technologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,324,628 shares of the energy company’s stock valued at $403,554,000 after acquiring an additional 39,172 shares during the period. PNC Financial Services Group Inc. raised its holdings in Ormat Technologies by 50.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,540 shares of the energy company’s stock valued at $117,000 after acquiring an additional 514 shares during the period. Bridge Creek Capital Management LLC raised its holdings in Ormat Technologies by 2.8% during the first quarter. Bridge Creek Capital Management LLC now owns 36,831 shares of the energy company’s stock valued at $2,438,000 after acquiring an additional 1,010 shares during the period. Finally, Ballentine Partners LLC grew its position in shares of Ormat Technologies by 54.6% during the first quarter. Ballentine Partners LLC now owns 7,182 shares of the energy company’s stock valued at $475,000 after purchasing an additional 2,537 shares in the last quarter. 95.49% of the stock is owned by 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.