Brokerages Set Ormat Technologies, Inc. (NYSE:ORA) Target Price at $117.67

Ormat Technologies, Inc. (NYSE:ORA) has received a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $120.2222.

ORA has been the subject of a number of recent research reports. Roth Capital reaffirmed a “buy” rating and set a $125.00 price target on shares of Ormat Technologies in a research note on Wednesday, November 5th. UBS Group raised their price objective on shares of Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Wednesday, October 8th. Barclays increased their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Ormat Technologies in a research note on Wednesday, November 5th.

Ormat Technologies Stock Performance

ORA stock opened at $110.75 on Friday. The stock has a market cap of $6.73 billion, a P/E ratio of 50.80, a P/E/G ratio of 5.04 and a beta of 0.74. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The firm has a 50 day simple moving average of $109.96 and a 200 day simple moving average of $96.52. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $116.66.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The company had revenue of $249.73 million during the quarter, compared to analyst estimates of $235.03 million. During the same quarter last year, the business posted $0.36 EPS. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. Research analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s dividend payout ratio is 22.02%.

Insiders Place Their Bets

In other news, Director Isaac Angel sold 18,018 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.42, for a total value of $2,025,583.56. Following the completion of the sale, the director directly owned 29,650 shares in the company, valued at approximately $3,333,253. The trade was a 37.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Doron Blachar sold 14,994 shares of the company’s stock in a transaction on Monday, September 29th. The stock was sold at an average price of $94.71, for a total transaction of $1,420,081.74. Following the sale, the chief executive officer directly owned 35,419 shares of the company’s stock, valued at approximately $3,354,533.49. This represents a 29.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 63,075 shares of company stock worth $6,708,505 in the last three months. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ORA. Norges Bank bought a new position in shares of Ormat Technologies in the second quarter worth about $56,458,000. Canada Pension Plan Investment Board increased its position in Ormat Technologies by 7,951.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock worth $46,726,000 after buying an additional 652,055 shares during the period. Groupama Asset Managment bought a new position in Ormat Technologies in the 2nd quarter worth approximately $41,880,000. Dimensional Fund Advisors LP lifted its holdings in shares of Ormat Technologies by 19.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock worth $133,770,000 after buying an additional 303,756 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Ormat Technologies in the second quarter valued at approximately $18,310,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.