Citigroup began coverage on shares of Ormat Technologies (NYSE:ORA – Get Rating) in a research note issued to investors on Thursday, The Fly reports. The brokerage issued a neutral rating and a $91.00 price objective on the energy company’s stock.
Several other research firms have also commented on ORA. Oppenheimer upped their price target on shares of Ormat Technologies from $85.00 to $97.00 and gave the company an outperform rating in a research report on Monday, August 8th. StockNews.com initiated coverage on Ormat Technologies in a research note on Wednesday, October 12th. They set a hold rating for the company. Cowen boosted their price objective on Ormat Technologies to $84.00 in a research note on Tuesday, August 9th. Finally, JPMorgan Chase & Co. cut their price objective on Ormat Technologies from $97.00 to $88.00 and set a neutral rating for the company in a research note on Thursday. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Ormat Technologies currently has a consensus rating of Hold and a consensus price target of $87.00.
Ormat Technologies Price Performance
Shares of NYSE:ORA opened at $85.10 on Thursday. Ormat Technologies has a fifty-two week low of $60.32 and a fifty-two week high of $98.47. The business has a 50-day simple moving average of $91.37 and a two-hundred day simple moving average of $84.18. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.57 and a current ratio of 1.66. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of 75.51, a price-to-earnings-growth ratio of 5.91 and a beta of 0.50.
Ormat Technologies (NYSE:ORA – Get Rating) last released its quarterly earnings results on Wednesday, August 3rd. The energy company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. Ormat Technologies had a net margin of 9.04% and a return on equity of 3.65%. The firm had revenue of $169.08 million during the quarter, compared to analyst estimates of $160.23 million. On average, analysts expect that Ormat Technologies will post 1.29 earnings per share for the current year.
Ormat Technologies Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Wednesday, August 17th were paid a $0.12 dividend. The ex-dividend date was Tuesday, August 16th. This represents a $0.48 annualized dividend and a yield of 0.56%. Ormat Technologies’ payout ratio is 42.48%.
Insiders Place Their Bets
In other Ormat Technologies news, EVP Shimon Hatzir sold 4,526 shares of the company’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $97.20, for a total value of $439,927.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Shimon Hatzir sold 4,526 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $97.20, for a total transaction of $439,927.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Granot sold 455 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $93.00, for a total value of $42,315.00. Following the transaction, the director now owns 2,922 shares of the company’s stock, valued at $271,746. The disclosure for this sale can be found here. Insiders sold 12,481 shares of company stock worth $1,208,617 in the last three months. 1.30% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of ORA. Total Clarity Wealth Management Inc. bought a new position in shares of Ormat Technologies during the 2nd quarter valued at approximately $27,000. Signaturefd LLC boosted its position in shares of Ormat Technologies by 77.6% during the 1st quarter. Signaturefd LLC now owns 451 shares of the energy company’s stock valued at $37,000 after acquiring an additional 197 shares during the last quarter. Prospera Financial Services Inc purchased a new stake in Ormat Technologies during the 1st quarter valued at $41,000. AlphaMark Advisors LLC purchased a new stake in Ormat Technologies during the 1st quarter valued at $56,000. Finally, Focused Wealth Management Inc purchased a new stake in Ormat Technologies during the 3rd quarter valued at $65,000. 92.42% of the stock is currently owned by institutional investors.
About Ormat Technologies
Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through 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.
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