Ormat Technologies, Inc. (NYSE:ORA) Receives $133.18 Average Target Price from Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been assigned an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $133.1818.

ORA has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Jefferies Financial Group downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating and upped their price objective for the company from $125.00 to $130.00 in a research note on Friday, February 13th. 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 research note on Monday, May 18th. Citigroup increased their target price on shares of Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Finally, Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 target price for the company.

Insider Activity

In related news, Director Michal Marom sold 3,080 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the sale, the director owned 1,766 shares of the company’s stock, valued at approximately $231,293.02. This represents a 63.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 1,970 shares of the company’s stock, valued at approximately $265,457.50. This trade represents a 90.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 30,721 shares of company stock worth $4,105,657. Insiders own 0.56% of the company’s stock.

Institutional Trading of Ormat Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. increased its position in Ormat Technologies by 155.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after purchasing an additional 540,000 shares in the last quarter. Jennison Associates LLC grew its position in Ormat Technologies by 51.7% in the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after acquiring an additional 30,910 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Ormat Technologies by 259.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock valued at $7,935,000 after acquiring an additional 51,830 shares in the last quarter. Legato Capital Management LLC acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $1,319,000. Finally, AEGON ASSET MANAGEMENT UK Plc grew its position in Ormat Technologies by 102.6% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock valued at $32,549,000 after acquiring an additional 149,271 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Trading Up 1.5%

NYSE ORA opened at $138.43 on Friday. Ormat Technologies has a 12 month low of $78.24 and a 12 month high of $146.39. The company has a 50-day moving average of $124.61 and a 200-day moving average of $118.26. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The company has a market cap of $8.51 billion, a P/E ratio of 67.20, a P/E/G ratio of 5.81 and a beta of 0.85.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company had revenue of $403.91 million during the quarter, compared to the consensus estimate of $349.17 million. During the same quarter in the prior year, the company posted $0.68 EPS. The company’s quarterly revenue was up 75.8% compared to the same quarter last year. As a group, equities analysts predict that Ormat Technologies will post 2.35 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio is 23.30%.

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.