Oppenheimer Boosts Ormat Technologies (NYSE:ORA) Price Target to $85.00

Ormat Technologies (NYSE:ORAFree Report) had its price objective raised by Oppenheimer from $83.00 to $85.00 in a research note released on Friday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the energy company’s stock.

A number of other equities analysts have also issued reports on ORA. TD Cowen increased their price objective on Ormat Technologies from $70.00 to $76.00 and gave the stock a hold rating in a report on Friday, May 10th. Barclays decreased their price target on Ormat Technologies from $75.00 to $73.00 and set an equal weight rating for the company in a research note on Monday, May 13th. Finally, UBS Group lifted their price objective on shares of Ormat Technologies from $95.00 to $100.00 and gave the company a buy rating in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $84.17.

Get Our Latest Analysis on Ormat Technologies

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $72.35 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.12 and a quick ratio of 1.02. The firm has a market capitalization of $4.37 billion, a PE ratio of 32.59, a P/E/G ratio of 3.43 and a beta of 0.53. Ormat Technologies has a 1-year low of $58.73 and a 1-year high of $85.82. The business’s fifty day moving average price is $70.20 and its two-hundred day moving average price is $68.80.

Ormat Technologies (NYSE:ORAGet Free Report) last released its quarterly earnings data on Wednesday, May 8th. The energy company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). The firm had revenue of $224.17 million during the quarter, compared to analyst estimates of $224.38 million. Ormat Technologies had a return on equity of 5.45% and a net margin of 15.43%. On average, research analysts expect that Ormat Technologies will post 2.07 EPS for the current year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend was Tuesday, May 21st. Ormat Technologies’s dividend payout ratio (DPR) is presently 21.62%.

Insider Buying and Selling at Ormat Technologies

In related news, Director David Granot sold 686 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $73.46, for a total transaction of $50,393.56. Following the completion of the sale, the director now directly owns 4,832 shares in the company, valued at $354,958.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Stanley Stern sold 1,825 shares of Ormat Technologies stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $66.95, for a total value of $122,183.75. Following the transaction, the director now owns 4,835 shares of the company’s stock, valued at approximately $323,703.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Granot sold 686 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $73.46, for a total transaction of $50,393.56. Following the sale, the director now directly owns 4,832 shares of the company’s stock, valued at $354,958.72. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently made changes to their positions in ORA. Impax Asset Management Group plc raised its position in Ormat Technologies by 15.0% during the fourth quarter. Impax Asset Management Group plc now owns 2,638,182 shares of the energy company’s stock valued at $199,004,000 after buying an additional 343,650 shares during the period. Norges Bank acquired a new position in shares of Ormat Technologies in the 4th quarter valued at about $25,709,000. Global Alpha Capital Management Ltd. lifted its position in shares of Ormat Technologies by 9.3% in the fourth quarter. Global Alpha Capital Management Ltd. now owns 2,313,856 shares of the energy company’s stock worth $177,552,000 after purchasing an additional 196,517 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Ormat Technologies by 25.0% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 864,232 shares of the energy company’s stock worth $65,500,000 after purchasing an additional 172,934 shares in the last quarter. Finally, Swedbank AB acquired a new stake in shares of Ormat Technologies during the first quarter worth approximately $7,907,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

About Ormat Technologies

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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.

Further Reading

Analyst Recommendations for Ormat Technologies (NYSE:ORA)

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