Zacks Investment Research lowered shares of Ormat Technologies, Inc. (NYSE:ORA) from a buy rating to a hold rating in a research report released on Wednesday.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Several other brokerages have also recently commented on ORA. Cowen and Company set a $67.00 target price on shares of Ormat Technologies and gave the stock a buy rating in a report on Wednesday, May 10th. BidaskClub cut shares of Ormat Technologies from a buy rating to a hold rating in a report on Thursday, July 6th. J P Morgan Chase & Co raised shares of Ormat Technologies from a neutral rating to an overweight rating and raised their target price for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th. Barclays PLC raised shares of Ormat Technologies from an underweight rating to an equal weight rating and raised their target price for the stock from $54.00 to $59.00 in a report on Friday, May 26th. Finally, Oppenheimer Holdings, Inc. set a $65.00 target price on shares of Ormat Technologies and gave the stock a buy rating in a report on Thursday, May 4th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $65.38.
Ormat Technologies (NYSE ORA) opened at 56.13 on Wednesday. Ormat Technologies has a 1-year low of $45.30 and a 1-year high of $61.49. The stock has a 50 day moving average price of $58.24 and a 200-day moving average price of $57.68. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 25.61 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. The company had revenue of $179.36 million for the quarter, compared to analysts’ expectations of $169.80 million. During the same period last year, the firm earned $0.49 earnings per share. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts predict that Ormat Technologies will post $2.28 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, August 11th. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. Ormat Technologies’s dividend payout ratio is presently 14.61%.
In related news, Director Robert Eugene Joyal sold 7,500 shares of Ormat Technologies stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $57.75, for a total value of $433,125.00. Following the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at $433,125. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Isaac Angel sold 150,000 shares of Ormat Technologies stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total transaction of $8,550,000.00. The disclosure for this sale can be found here. Insiders sold 11,075,533 shares of company stock worth $631,371,335 over the last three months. 22.97% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ORA. Hanseatic Management Services Inc. boosted its position in shares of Ormat Technologies by 1.0% in the second quarter. Hanseatic Management Services Inc. now owns 4,940 shares of the energy company’s stock worth $290,000 after buying an additional 48 shares during the period. Sei Investments Co. boosted its position in shares of Ormat Technologies by 2.2% in the second quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock worth $133,000 after buying an additional 49 shares during the period. Edmond DE Rothschild Holding S.A. boosted its position in shares of Ormat Technologies by 0.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 11,131 shares of the energy company’s stock worth $633,000 after buying an additional 60 shares during the period. Capital One National Association boosted its position in shares of Ormat Technologies by 1.0% in the first quarter. Capital One National Association now owns 11,777 shares of the energy company’s stock worth $672,000 after buying an additional 117 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of Ormat Technologies by 1.3% in the second quarter. Nisa Investment Advisors LLC now owns 11,350 shares of the energy company’s stock worth $670,000 after buying an additional 150 shares during the period. 45.91% of the stock is currently owned by institutional investors and hedge funds.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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