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

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given a consensus recommendation of “Hold” by the seven brokerages that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $83.57.

A number of research firms recently issued reports on ORA. Piper Sandler started coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price for the company. Roth Mkm reissued a “buy” rating and issued a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Oppenheimer lifted their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th.

Insiders Place Their Bets

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. This represents a 55.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Granot sold 1,256 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the sale, the director now directly owns 3,576 shares of the company’s stock, valued at $293,232. The trade was a 25.99 % decrease in their position. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ormat Technologies

Several large investors have recently modified their holdings of the stock. Versant Capital Management Inc lifted its holdings in Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after buying an additional 229 shares during the last quarter. Tidal Investments LLC lifted its stake in Ormat Technologies by 36.8% during the third quarter. Tidal Investments LLC now owns 45,642 shares of the energy company’s stock worth $3,512,000 after purchasing an additional 12,272 shares during the last quarter. Geode Capital Management LLC boosted its holdings 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 purchasing an additional 22,714 shares during the period. Holocene Advisors LP increased its stake in Ormat Technologies by 28.7% during the third quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after purchasing an additional 10,718 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of Ormat Technologies during the third quarter worth $19,096,000. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Down 0.3 %

Shares of ORA opened at $68.91 on Friday. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The company’s fifty day moving average is $76.72 and its two-hundred day moving average is $75.32. The firm has a market cap of $4.17 billion, a PE ratio of 35.16, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $211.80 million for the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.47 earnings per share. Analysts forecast that Ormat Technologies will post 1.93 earnings per share for the current year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Wednesday, November 20th. Ormat Technologies’s payout ratio is 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.