Ormat Technologies (NYSE:ORA) Given New $123.00 Price Target at Barclays

Ormat Technologies (NYSE:ORA) had its target price raised by Barclays from $108.00 to $123.00 in a research report report published on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the energy company’s stock.

ORA has been the subject of several other reports. JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Robert W. Baird reduced their price target on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday. Piper Sandler raised their price target on shares of Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Oppenheimer boosted their price objective on shares of Ormat Technologies from $125.00 to $136.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, January 22nd. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $129.50.

Ormat Technologies Stock Up 3.5%

Shares of ORA stock opened at $107.37 on Monday. The firm has a fifty day moving average of $118.38 and a 200-day moving average of $108.49. The company has a quick ratio of 0.75, a current ratio of 0.81 and a debt-to-equity ratio of 0.79. Ormat Technologies has a 12-month low of $64.39 and a 12-month high of $132.58. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 53.42, a P/E/G ratio of 4.21 and a beta of 0.84.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 EPS for the quarter, meeting the consensus estimate of $0.67. The business had revenue of $276.04 million for the quarter, compared to analysts’ expectations of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The firm’s revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.67 EPS. As a group, equities research analysts predict that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.88%.

Institutional Trading of Ormat Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in shares of Ormat Technologies by 324.1% in the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock valued at $1,740,000 after acquiring an additional 19,043 shares during the period. United Services Automobile Association acquired a new stake in Ormat Technologies in the 1st quarter valued at about $243,000. Empowered Funds LLC grew its holdings in Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after purchasing an additional 286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after buying an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in Ormat Technologies by 10.5% during the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after buying an additional 2,329 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

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.