Research Analysts Issue Forecasts for ORA FY2024 Earnings

Ormat Technologies, Inc. (NYSE:ORA) – Equities researchers at Roth Capital cut their FY2024 earnings estimates for Ormat Technologies in a report released on Thursday, November 7th. Roth Capital analyst J. Clare now expects that the energy company will post earnings per share of $1.88 for the year, down from their previous forecast of $1.96. The consensus estimate for Ormat Technologies’ current full-year earnings is $1.90 per share. Roth Capital also issued estimates for Ormat Technologies’ Q4 2024 earnings at $0.51 EPS, Q3 2025 earnings at $0.45 EPS, Q4 2025 earnings at $0.69 EPS, FY2025 earnings at $2.30 EPS and FY2026 earnings at $2.69 EPS.

A number of other brokerages have also issued reports on ORA. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Roth Mkm reissued a “buy” rating and issued a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Oppenheimer raised their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $84.50.

Ormat Technologies Stock Performance

ORA opened at $79.52 on Monday. The company has a market cap of $4.81 billion, a P/E ratio of 40.57, a price-to-earnings-growth ratio of 4.34 and a beta of 0.53. The company has a quick ratio of 0.89, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The firm’s 50-day moving average price is $77.28 and its 200-day moving average price is $74.47. Ormat Technologies has a 52-week low of $58.73 and a 52-week high of $84.30.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The firm had revenue of $211.80 million for the quarter, compared to the consensus estimate of $215.53 million. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis.

Hedge Funds Weigh In On Ormat Technologies

A number of large investors have recently bought and sold shares of the business. Blue Trust Inc. increased its position in shares of Ormat Technologies by 180.3% in the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after buying an additional 229 shares in the last quarter. UMB Bank n.a. grew its stake in Ormat Technologies by 107.7% in the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after acquiring an additional 320 shares during the period. EntryPoint Capital LLC purchased a new stake in Ormat Technologies in the 1st quarter worth $50,000. GAMMA Investing LLC raised its position in Ormat Technologies by 115.3% during the second quarter. GAMMA Investing LLC now owns 730 shares of the energy company’s stock worth $52,000 after acquiring an additional 391 shares during the period. Finally, DMC Group LLC purchased a new position in Ormat Technologies during the third quarter valued at $204,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Insiders Place Their Bets

In other news, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $74.98, for a total value of $94,924.68. Following the completion of the transaction, the director now owns 6,906 shares of the company’s stock, valued at $517,811.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Dafna Sharir sold 433 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total transaction of $32,436.03. Following the sale, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Byron G. Wong sold 1,266 shares of Ormat Technologies stock in a transaction on Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the completion of the transaction, the director now directly owns 6,906 shares of the company’s stock, valued at $517,811.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Wednesday, November 20th. Ormat Technologies’s payout ratio is 24.49%.

Ormat Technologies Company Profile

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.