Ormat Technologies (NYSE:ORA) Hits New 1-Year High – Here’s Why

Shares of Ormat Technologies, Inc. (NYSE:ORA) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $126.36 and last traded at $126.1870, with a volume of 459694 shares trading hands. The stock had previously closed at $123.59.

Analyst Ratings Changes

ORA has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, January 22nd. JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Oppenheimer lifted their price objective on shares of Ormat Technologies from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Tuesday. Robert W. Baird set a $143.00 target price on shares of Ormat Technologies in a report on Wednesday, January 14th. Finally, Piper Sandler raised their price target on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $128.00.

Ormat Technologies Trading Down 0.0%

The stock has a market capitalization of $7.77 billion, a PE ratio of 58.68, a price-to-earnings-growth ratio of 5.07 and a beta of 0.71. The company has a current ratio of 0.77, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $115.08 and a 200-day moving average price of $103.48.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The company had revenue of $249.73 million during the quarter, compared to analyst estimates of $235.03 million. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. As a group, equities analysts forecast that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, November 17th. Ormat Technologies’s payout ratio is 22.02%.

Insider Transactions at Ormat Technologies

In other news, insider Jessica Woelfel sold 721 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $115.00, for a total transaction of $82,915.00. Following the transaction, the insider owned 3,433 shares of the company’s stock, valued at $394,795. This represents a 17.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Assi Ginzburg sold 20,000 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.72, for a total value of $2,254,400.00. Following the transaction, the chief financial officer owned 4,482 shares of the company’s stock, valued at $505,211.04. The trade was a 81.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 40,860 shares of company stock worth $4,601,530 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC bought a new position in shares of Ormat Technologies in the second quarter valued at approximately $358,000. RWC Asset Management LLP lifted its stake in Ormat Technologies by 8.8% in the 3rd quarter. RWC Asset Management LLP now owns 136,101 shares of the energy company’s stock worth $13,100,000 after purchasing an additional 11,063 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Ormat Technologies in the 3rd quarter valued at $3,738,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ormat Technologies by 100.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock valued at $2,513,000 after purchasing an additional 15,000 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Ormat Technologies during the 3rd quarter valued at $14,005,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.