Ormat Technologies, Inc. (NYSE:ORA) Plans $0.12 Quarterly Dividend

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, May 6th. Stockholders of record on Wednesday, May 20th will be given a dividend of 0.12 per share by the energy company on Wednesday, June 3rd. This represents a c) annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, May 20th.

Ormat Technologies has increased its dividend by an average of 0.0%per year over the last three years. Ormat Technologies has a payout ratio of 18.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Ormat Technologies to earn $2.53 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 19.0%.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $115.19 on Thursday. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 57.31, a PEG ratio of 5.05 and a beta of 0.80. The firm’s fifty day moving average is $111.12 and its 200 day moving average is $113.38. 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 52-week low of $70.42 and a 52-week high of $132.58.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. Ormat Technologies’s revenue was up 75.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Sell-side analysts forecast that Ormat Technologies will post 2.28 EPS for the current fiscal year.

Insider Activity at Ormat Technologies

In other news, insider Jessica Woelfel sold 2,359 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total transaction of $248,072.44. Following the sale, the insider owned 3,433 shares of the company’s stock, valued at $361,014.28. This trade represents a 40.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have sold 3,364 shares of company stock worth $353,621. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in ORA. AQR Capital Management LLC grew its stake in 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 during the 1st quarter worth $243,000. Empowered Funds LLC boosted its position in shares of Ormat Technologies by 7.3% during the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after acquiring an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Ormat Technologies by 22.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock valued at $16,593,000 after acquiring an additional 43,483 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in Ormat Technologies by 10.5% in the 1st quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock valued at $1,740,000 after buying an additional 2,329 shares during the period. Institutional investors and hedge funds 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.