Ormat Technologies, Inc. (NYSE:ORA – Get Free Report) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors of record on Wednesday, May 22nd will be paid a dividend of 0.12 per share by the energy company on Wednesday, June 5th. This represents a $0.48 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Tuesday, May 21st.
Ormat Technologies has raised its dividend by an average of 2.9% per year over the last three years. Ormat Technologies has a dividend payout ratio of 19.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ormat Technologies to earn $2.34 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 20.5%.
Ormat Technologies Stock Up 0.8 %
Shares of NYSE:ORA traded up $0.57 on Friday, reaching $69.50. The company had a trading volume of 73,203 shares, compared to its average volume of 472,572. The company has a quick ratio of 1.12, a current ratio of 1.20 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $4.20 billion, a P/E ratio of 32.98, a P/E/G ratio of 3.16 and a beta of 0.48. The stock has a 50-day moving average price of $65.15 and a 200 day moving average price of $66.92. Ormat Technologies has a twelve month low of $58.73 and a twelve month high of $88.26.
Insiders Place Their Bets
In related news, Director Stanley Stern sold 1,825 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $66.95, for a total transaction of $122,183.75. Following the sale, the director now owns 4,835 shares of the company’s stock, valued at approximately $323,703.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have commented on ORA shares. Barclays dropped their price target on Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Monday, February 5th. TD Cowen increased their price target on shares of Ormat Technologies from $70.00 to $76.00 and gave the stock a “hold” rating in a research report on Friday. Finally, Oppenheimer decreased their price objective on shares of Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating on the stock in a research note on Friday, January 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $82.00.
View Our Latest Stock Analysis on Ormat Technologies
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.
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