Ormat Technologies (NYSE:ORA) Sets New 12-Month High – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $78.53 and last traded at $78.43, with a volume of 158405 shares traded. The stock had previously closed at $77.02.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Roth Mkm reissued a “buy” rating and issued a $80.00 price target on shares of Ormat Technologies in a report on Monday, August 12th. JPMorgan Chase & Co. raised their target price on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Finally, Oppenheimer upped their price target on shares of Ormat Technologies from $85.00 to $86.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Ormat Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Ormat Technologies Trading Up 2.3 %

The company has a market cap of $4.76 billion, a price-to-earnings ratio of 34.69, a PEG ratio of 3.92 and a beta of 0.53. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.89. The business’s 50-day simple moving average is $74.58 and its 200-day simple moving average is $72.18.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.03. The firm had revenue of $212.96 million during the quarter, compared to the consensus estimate of $214.07 million. Ormat Technologies had a return on equity of 5.40% and a net margin of 14.89%. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 EPS. Research analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.61%. Ormat Technologies’s dividend payout ratio is currently 21.62%.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the sale, the director now directly owns 6,906 shares of the company’s stock, valued at approximately $517,811.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Dafna Sharir sold 433 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the sale, the director now directly owns 3,561 shares in the company, valued at $266,754.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Byron G. Wong sold 1,266 shares of Ormat Technologies stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the transaction, the director now owns 6,906 shares in the company, valued at $517,811.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Large investors have recently modified their holdings of the company. Wellington Management Group LLP increased its position in Ormat Technologies by 3.5% during the 4th quarter. Wellington Management Group LLP now owns 1,041,169 shares of the energy company’s stock worth $78,910,000 after purchasing an additional 35,665 shares in the last quarter. Vanguard Group Inc. grew its stake in Ormat Technologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,324,628 shares of the energy company’s stock worth $403,554,000 after buying an additional 39,172 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Ormat Technologies by 50.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,540 shares of the energy company’s stock worth $117,000 after acquiring an additional 514 shares in the last quarter. Bridge Creek Capital Management LLC raised its stake in shares of Ormat Technologies by 2.8% in the 1st quarter. Bridge Creek Capital Management LLC now owns 36,831 shares of the energy company’s stock valued at $2,438,000 after acquiring an additional 1,010 shares during the period. Finally, Ballentine Partners LLC lifted its holdings in shares of Ormat Technologies by 54.6% during the 1st quarter. Ballentine Partners LLC now owns 7,182 shares of the energy company’s stock valued at $475,000 after acquiring an additional 2,537 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.