Ormat Technologies (NYSE:ORA) Shares Gap Up After Earnings Beat

Ormat Technologies, Inc. (NYSE:ORA) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $98.02, but opened at $107.79. Ormat Technologies shares last traded at $105.8730, with a volume of 210,455 shares.

The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter last year, the business posted $0.48 EPS. The business’s revenue was up 10.6% on a year-over-year basis.

Ormat Technologies Announces Dividend

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 paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, August 19th. Ormat Technologies’s dividend payout ratio is 23.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Roth Capital reissued a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a research note on Monday, May 11th. Wolfe Research started coverage on shares of Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating on the stock. UBS Group upped their target price on shares of Ormat Technologies from $143.00 to $152.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. lifted their price target on Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $131.75.

Insider Buying and Selling at Ormat Technologies

In related news, Director Michal Marom sold 3,080 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the sale, the director directly owned 1,766 shares of the company’s stock, valued at approximately $231,293.02. This trade represents a 63.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Assi Ginzburg sold 17,776 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares of the company’s stock, valued at approximately $265,457.50. The trade was a 90.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 30,585 shares of company stock valued at $4,090,998. 0.50% of the stock is owned by company insiders.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Everett Harris & Co. CA purchased a new stake in shares of Ormat Technologies during the second quarter valued at $762,000. Hennion & Walsh Asset Management Inc. increased its stake in Ormat Technologies by 22.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 16,554 shares of the energy company’s stock worth $1,803,000 after buying an additional 3,028 shares during the period. Assenagon Asset Management S.A. increased its stake in Ormat Technologies by 8.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 42,191 shares of the energy company’s stock worth $4,595,000 after buying an additional 3,434 shares during the period. Ballast Advisors LLC bought a new stake in Ormat Technologies during the 1st quarter valued at about $70,000. Finally, Pacer Advisors Inc. lifted its holdings in Ormat Technologies by 42.1% during the 1st quarter. Pacer Advisors Inc. now owns 10,335 shares of the energy company’s stock valued at $1,157,000 after buying an additional 3,062 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Ormat Technologies Stock Performance

The company has a market capitalization of $6.50 billion, a PE ratio of 51.36, a PEG ratio of 4.27 and a beta of 0.90. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The firm’s 50-day simple moving average is $117.64 and its 200-day simple moving average is $117.64.

Ormat Technologies Company Profile

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.