Brokerages Set Ormat Technologies, Inc. (NYSE:ORA) Price Target at $84.17

Shares of Ormat Technologies, Inc. (NYSE:ORAGet Free Report) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $84.17.

ORA has been the topic of several recent research reports. Barclays decreased their price objective on Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating on the stock in a report on Monday, May 13th. UBS Group boosted their price target on Ormat Technologies from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 14th. TD Cowen boosted their price target on Ormat Technologies from $70.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, May 10th. Finally, Oppenheimer boosted their price target on Ormat Technologies from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, June 21st.

Check Out Our Latest Stock Report on Ormat Technologies

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 686 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $73.46, for a total value of $50,393.56. Following the transaction, the director now owns 4,832 shares of the company’s stock, valued at $354,958.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Large investors have recently made changes to their positions in the company. Evexia Wealth LLC lifted its stake in shares of Ormat Technologies by 2.7% during the fourth quarter. Evexia Wealth LLC now owns 6,096 shares of the energy company’s stock valued at $462,000 after acquiring an additional 160 shares during the period. LGT Capital Partners LTD. lifted its stake in Ormat Technologies by 26.6% in the fourth quarter. LGT Capital Partners LTD. now owns 524,710 shares of the energy company’s stock valued at $39,768,000 after buying an additional 110,330 shares during the period. Capstone Investment Advisors LLC lifted its stake in Ormat Technologies by 265.2% in the fourth quarter. Capstone Investment Advisors LLC now owns 14,293 shares of the energy company’s stock valued at $1,083,000 after buying an additional 10,379 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Ormat Technologies by 25.0% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 864,232 shares of the energy company’s stock valued at $65,500,000 after buying an additional 172,934 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Ormat Technologies by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,256,304 shares of the energy company’s stock valued at $95,220,000 after buying an additional 31,450 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

ORA opened at $71.94 on Friday. The firm has a market capitalization of $4.35 billion, a P/E ratio of 32.41, a price-to-earnings-growth ratio of 3.43 and a beta of 0.51. The stock’s 50 day moving average price is $72.26 and its two-hundred day moving average price is $68.67. The company has a quick ratio of 1.02, a current ratio of 1.12 and a debt-to-equity ratio of 0.73. Ormat Technologies has a 12-month low of $58.73 and a 12-month high of $85.82.

Ormat Technologies (NYSE:ORAGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The energy company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.03). Ormat Technologies had a return on equity of 5.45% and a net margin of 15.43%. The firm had revenue of $224.17 million for the quarter, compared to analyst estimates of $224.38 million. On average, equities analysts forecast that Ormat Technologies will post 2.08 earnings per share for the current year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend was Tuesday, May 21st. Ormat Technologies’s dividend payout ratio is currently 21.62%.

About Ormat Technologies

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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.

Further Reading

Analyst Recommendations for Ormat Technologies (NYSE:ORA)

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