Ormat Technologies, Inc. Announces Quarterly Dividend of $0.12 (NYSE:ORA)

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Investors of record on Wednesday, November 20th will be given a dividend of 0.12 per share by the energy company on Wednesday, December 4th. This represents a $0.48 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Wednesday, November 20th.

Ormat Technologies has increased its dividend by an average of 2.9% per year over the last three years. Ormat Technologies has a dividend payout ratio of 20.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.36 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 20.3%.

Ormat Technologies Stock Up 1.4 %

Shares of ORA traded up $1.14 during midday trading on Thursday, reaching $83.06. 689,631 shares of the stock were exchanged, compared to its average volume of 436,781. 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’s 50 day moving average is $76.60 and its two-hundred day moving average is $73.89. The company has a market capitalization of $5.02 billion, a P/E ratio of 38.14, a PEG ratio of 4.22 and a beta of 0.53. Ormat Technologies has a 52 week low of $58.73 and a 52 week high of $83.85.

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

Insider Transactions at Ormat Technologies

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

Analysts Set New Price Targets

ORA has been the subject of a number of recent research reports. Oppenheimer boosted their target price on shares of Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research report 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 report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

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.