Ormat Technologies (NYSE:ORA) Now Covered by Piper Sandler

Piper Sandler began coverage on shares of Ormat Technologies (NYSE:ORA) in a report released on Thursday morning, MarketBeat.com reports. The firm issued a neutral rating and a $78.00 target price on the energy company’s stock.

Several other analysts have also commented on the stock. Oppenheimer raised their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $83.57.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $67.52 on Thursday. The business has a 50 day moving average of $78.62 and a 200 day moving average of $75.72. Ormat Technologies has a 52 week low of $59.41 and a 52 week high of $84.30. The company has a market cap of $4.08 billion, a PE ratio of 34.45, a P/E/G ratio of 3.75 and a beta of 0.53. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. The business had revenue of $211.80 million during the quarter, compared to analyst estimates of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. As a group, equities research analysts forecast that Ormat Technologies will post 1.93 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, November 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.71%. Ormat Technologies’s payout ratio is 24.49%.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 1,256 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now owns 3,576 shares in the company, valued at approximately $293,232. This represents a 25.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its holdings in shares of Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after purchasing an additional 229 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Ormat Technologies by 107.7% during the third quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock valued at $47,000 after buying an additional 320 shares during the last quarter. GAMMA Investing LLC increased its holdings in Ormat Technologies by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after buying an additional 321 shares in the last quarter. DMC Group LLC purchased a new position in Ormat Technologies in the 3rd quarter worth about $204,000. Finally, nVerses Capital LLC lifted its stake in Ormat Technologies by 311.1% during the 2nd quarter. nVerses Capital LLC now owns 3,700 shares of the energy company’s stock valued at $265,000 after acquiring an additional 2,800 shares during the period. 95.49% of the stock is owned by institutional investors.

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.