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

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be paid a dividend of 0.12 per share by the energy company on Wednesday, March 26th. This represents a $0.48 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Wednesday, March 12th.

Ormat Technologies has a payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Ormat Technologies to earn $2.18 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 22.0%.

Ormat Technologies Price Performance

NYSE ORA traded up $0.99 during trading hours on Thursday, hitting $69.28. The company had a trading volume of 696,427 shares, compared to its average volume of 538,419. Ormat Technologies has a 52 week low of $59.41 and a 52 week high of $84.30. The firm has a 50 day simple moving average of $66.40 and a 200 day simple moving average of $73.24. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 35.35, a PEG ratio of 3.18 and a beta of 0.57.

Insider Buying and Selling at Ormat Technologies

In other news, Director David Granot sold 1,256 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This represents a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. This represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ORA. Roth Mkm reissued a “buy” rating and set a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and upped their price target for the company from $73.00 to $78.00 in a report on Thursday, February 20th. Oppenheimer upped their price target on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Piper Sandler started coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $82.88.

About Ormat Technologies

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.