Ormat Technologies (NYSE:ORA) Hits New 52-Week High – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $125.35 and last traded at $123.9450, with a volume of 145701 shares traded. The stock had previously closed at $122.00.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ORA. Oppenheimer reiterated an “outperform” rating and issued a $125.00 target price on shares of Ormat Technologies in a research note on Wednesday, November 5th. TD Cowen raised Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Friday, January 9th. Robert W. Baird set a $143.00 target price on Ormat Technologies in a report on Wednesday, January 14th. Piper Sandler lifted their price objective on Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Ormat Technologies in a research report on Tuesday, January 13th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.22.

Ormat Technologies Stock Up 1.5%

The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 56.81, a price-to-earnings-growth ratio of 4.70 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 company has a 50-day moving average of $112.98 and a 200-day moving average of $102.00.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The firm had revenue of $249.73 million for 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 business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, equities analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

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

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Ravit Barniv sold 1,753 shares of Ormat Technologies stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.54, for a total transaction of $197,282.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Assi Ginzburg sold 20,000 shares of Ormat Technologies 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 in the company, valued at approximately $505,211.04. This represents a 81.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,860 shares of company stock worth $4,601,530 in the last ninety days. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new stake in shares of Ormat Technologies during the 2nd quarter valued at approximately $358,000. RWC Asset Management LLP boosted its position in Ormat Technologies by 8.8% during the third 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. acquired a new stake in Ormat Technologies in the third quarter valued at $3,738,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ormat Technologies by 100.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock valued at $2,513,000 after buying an additional 15,000 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Ormat Technologies by 54.6% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company’s stock worth $2,835,000 after buying an additional 11,952 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

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.