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

Ormat Technologies, Inc. (NYSE:ORA)’s share price reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The company 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. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. Ormat Technologies’s dividend payout ratio (DPR) is presently 21.92%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Oppenheimer increased their price objective on Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Ormat Technologies Price Performance

The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of 38.14, a P/E/G ratio of 4.22 and a beta of 0.53. The company’s 50-day simple moving average is $76.60 and its 200 day simple moving average is $73.89. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.72.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.40 earnings per share 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 company had revenue of $212.96 million during the quarter, compared to analysts’ expectations of $214.07 million. During the same period in the prior year, the business earned $0.40 earnings per share. Ormat Technologies’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities research analysts forecast that Ormat Technologies, Inc. will post 1.92 EPS for the current year.

Insider Activity

In related 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 directly owns 3,561 shares of the company’s stock, 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. 0.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ORA. Blue Trust Inc. increased its stake in shares of 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 buying an additional 229 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Ormat Technologies by 107.7% in the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after buying an additional 320 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Ormat Technologies in the first quarter valued at $50,000. GAMMA Investing LLC increased its position in Ormat Technologies by 115.3% in the second quarter. GAMMA Investing LLC now owns 730 shares of the energy company’s stock worth $52,000 after purchasing an additional 391 shares during the period. Finally, DMC Group LLC acquired a new stake in Ormat Technologies in the third quarter worth about $204,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

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.