Ormat Technologies (NYSE:ORA) Trading Up 3.8% – Still a Buy?

Ormat Technologies, Inc. (NYSE:ORA) traded up 3.8% during trading on Tuesday . The company traded as high as $106.54 and last traded at $105.8880. 281,235 shares traded hands during trading, a decline of 67% from the average daily volume of 847,423 shares. The stock had previously closed at $102.00.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Oppenheimer dropped their price target on shares of Ormat Technologies from $144.00 to $141.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. UBS Group lifted their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Barclays dropped their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Finally, Sanford C. Bernstein reiterated an “underperform” rating and issued a $112.00 price target on shares of Ormat Technologies in a research note on Monday, August 10th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $130.83.

Ormat Technologies Price Performance

The firm has a 50 day moving average of $107.73 and a 200-day moving average of $115.76. The company has a market cap of $6.57 billion, a P/E ratio of 52.65, a P/E/G ratio of 4.17 and a beta of 0.90. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. During the same period in the previous year, the firm earned $0.48 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Ormat Technologies, Inc. will post 2.47 EPS for the current year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Agur Provident & Training Funds Management Ltd. purchased a new position in Ormat Technologies during the second quarter valued at $9,683,000. Corient Private Wealth LP lifted its stake in Ormat Technologies by 5.7% in the 2nd quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company’s stock worth $334,000 after purchasing an additional 164 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Ormat Technologies during the 2nd quarter valued at about $719,000. California State Teachers Retirement System boosted its holdings in shares of Ormat Technologies by 10,926.5% during the 2nd quarter. California State Teachers Retirement System now owns 7,680,935 shares of the energy company’s stock valued at $836,454,000 after purchasing an additional 7,611,276 shares during the last quarter. Finally, Readystate Asset Management LP bought a new position in shares of Ormat Technologies during the 2nd quarter valued at about $3,165,000. Institutional investors 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.