Brokerages Set Ormat Technologies, Inc. (NYSE:ORA) Price Target at $81.00

Ormat Technologies, Inc. (NYSE:ORA) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $81.00.

ORA has been the topic of several research analyst reports. Oppenheimer reduced their price target on shares of Ormat Technologies from $84.00 to $83.00 and set an “outperform” rating on the stock in a research report on Friday, January 19th. Barclays reduced their price target on shares of Ormat Technologies from $82.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Monday, February 5th. Finally, TD Cowen reduced their price target on shares of Ormat Technologies from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, February 23rd.

Ormat Technologies Price Performance

ORA stock opened at $64.96 on Monday. The firm’s 50-day moving average price is $65.04 and its two-hundred day moving average price is $67.03. Ormat Technologies has a 12-month low of $58.73 and a 12-month high of $88.64. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 3.02 and a beta of 0.48. The company has a current ratio of 1.20, a quick ratio of 1.12 and a debt-to-equity ratio of 0.64.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, February 21st. The energy company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Ormat Technologies had a net margin of 15.00% and a return on equity of 5.09%. The firm had revenue of $241.30 million for the quarter, compared to analysts’ expectations of $239.71 million. During the same quarter in the previous year, the company earned $0.73 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, equities analysts predict that Ormat Technologies will post 2.14 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.74%. The ex-dividend date was Tuesday, March 5th. Ormat Technologies’s payout ratio is currently 22.97%.

Insider Buying and Selling

In related news, Director Stanley Stern sold 1,825 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $66.95, for a total transaction of $122,183.75. Following the sale, the director now owns 4,835 shares of the company’s stock, valued at $323,703.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC bought a new position in shares of Ormat Technologies in the fourth quarter worth approximately $32,000. Manchester Capital Management LLC lifted its stake in shares of Ormat Technologies by 593.0% in the fourth quarter. Manchester Capital Management LLC now owns 797 shares of the energy company’s stock worth $60,000 after buying an additional 682 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Ormat Technologies by 50.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,540 shares of the energy company’s stock worth $117,000 after buying an additional 514 shares in the last quarter. PFG Investments LLC bought a new position in shares of Ormat Technologies in the first quarter worth approximately $202,000. Finally, Envestnet Portfolio Solutions Inc. bought a new position in shares of Ormat Technologies in the third quarter worth approximately $204,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in 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.