Ormat Technologies, Inc. (NYSE:ORA) Stock Has Average Target Price of $127.62 According to Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have received an average recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $124.15.

Several research analysts have issued reports on the stock. Zacks Research cut shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. Oppenheimer cut their price target on shares of Ormat Technologies from $145.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday. Sanford C. Bernstein reissued a “market perform” rating and set a $112.00 price target on shares of Ormat Technologies in a research report on Friday. Barclays reduced their price target on shares of Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Wall Street Zen upgraded shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ORA. Glenmede Trust Co. NA boosted its position in shares of Ormat Technologies by 3.4% during the first quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company’s stock valued at $274,000 after buying an additional 81 shares during the period. Sterling Capital Management LLC grew its stake in shares of Ormat Technologies by 9.8% during the third quarter. Sterling Capital Management LLC now owns 1,297 shares of the energy company’s stock valued at $119,000 after buying an additional 116 shares during the last quarter. Corient Private Wealth LP grew its stake in shares of Ormat Technologies by 5.7% during the second quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company’s stock valued at $334,000 after buying an additional 164 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Ormat Technologies by 31.9% in the first quarter. EverSource Wealth Advisors LLC now owns 694 shares of the energy company’s stock worth $78,000 after buying an additional 168 shares during the period. Finally, Root Financial Partners LLC raised its holdings in shares of Ormat Technologies by 74.2% in the first quarter. Root Financial Partners LLC now owns 439 shares of the energy company’s stock worth $49,000 after buying an additional 187 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Trading Up 2.9%

NYSE ORA opened at $94.53 on Tuesday. Ormat Technologies has a 12 month low of $85.77 and a 12 month high of $146.39. The stock has a market cap of $5.81 billion, a P/E ratio of 43.97, a P/E/G ratio of 3.50 and a beta of 0.89. The stock’s fifty day moving average price is $93.54 and its 200-day moving average price is $110.79. 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, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.23. The firm had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a return on equity of 6.94% and a net margin of 11.07%. Ormat Technologies’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. As a group, equities analysts forecast that Ormat Technologies will post 2.78 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is presently 22.33%.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.