Ormat Technologies (NYSE:ORA) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Ormat Technologies (NYSE:ORA) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other equities analysts also recently issued reports on the stock. Piper Sandler upped their price objective on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Barclays lifted their target price on shares of Ormat Technologies from $126.00 to $127.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. UBS Group boosted their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Oppenheimer cut their price target on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Sanford C. Bernstein started coverage on shares of Ormat Technologies in a report on Tuesday, June 16th. They issued an “underperform” rating and a $115.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $130.83.

Ormat Technologies Stock Up 3.2%

Shares of ORA stock opened at $111.57 on Friday. The stock’s fifty day moving average price is $115.95 and its 200 day moving average price is $117.45. Ormat Technologies has a 1-year low of $86.25 and a 1-year high of $146.39. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 54.96, a price-to-earnings-growth ratio of 4.57 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. The company had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $0.48 earnings per share. On average, research analysts expect that Ormat Technologies will post 2.36 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio is currently 23.65%.

Insider Transactions at Ormat Technologies

In related news, CFO Assi Ginzburg sold 17,776 shares of Ormat Technologies stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the completion of the sale, the chief financial officer owned 1,970 shares of the company’s stock, valued at $265,457.50. The trade was a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stanley Stern sold 577 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $130.17, for a total value of $75,108.09. Following the completion of the sale, the director owned 6,050 shares in the company, valued at approximately $787,528.50. This represents a 8.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 29,702 shares of company stock valued at $3,982,883. 0.50% of the stock is owned by company insiders.

Institutional Trading of Ormat Technologies

Several large investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd acquired a new position in Ormat Technologies during the fourth quarter valued at $26,000. Main Street Group LTD purchased a new stake in Ormat Technologies in the first quarter valued at $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ormat Technologies during the 4th quarter worth about $31,000. Smartleaf Asset Management LLC grew its position in Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after purchasing an additional 211 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies during the 4th quarter valued at about $32,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

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.