Ormat Technologies, Inc. (NYSE:ORA) released its quarterly earnings results on Monday. The energy company reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The firm had revenue of $189.90 million during the quarter, compared to analyst estimates of $177.42 million. Ormat Technologies had a net margin of 13.29% and a return on equity of 9.45%. The business’s revenue for the quarter was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 EPS.
Ormat Technologies (NYSE:ORA) traded up 0.64% during trading on Friday, reaching $56.93. The company’s stock had a trading volume of 132,822 shares. The firm has a 50-day moving average price of $57.88 and a 200-day moving average price of $54.14. Ormat Technologies has a 52 week low of $41.12 and a 52 week high of $61.49. The firm has a market capitalization of $2.83 billion, a P/E ratio of 28.72 and a beta of 1.18.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 22nd will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, May 18th. This represents a $0.32 annualized dividend and a yield of 0.57%. Ormat Technologies’s dividend payout ratio is presently 15.73%.
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In related news, Director Robert Eugene Joyal sold 7,500 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $57.00, for a total value of $427,500.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at $427,500. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert F. Clarke sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $56.97, for a total transaction of $854,550.00. Following the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $427,275. The disclosure for this sale can be found here. 22.97% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Ormat Technologies by 6,068.3% in the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock valued at $141,210,000 after buying an additional 2,433,766 shares in the last quarter. Norges Bank purchased a new position in Ormat Technologies during the fourth quarter worth $20,143,000. Renaissance Technologies LLC increased its position in Ormat Technologies by 41.5% in the fourth quarter. Renaissance Technologies LLC now owns 741,257 shares of the energy company’s stock valued at $39,746,000 after buying an additional 217,357 shares during the last quarter. Vanguard Group Inc. raised its position in Ormat Technologies by 5.8% in the first quarter. Vanguard Group Inc. now owns 3,223,631 shares of the energy company’s stock worth $184,006,000 after buying an additional 177,288 shares during the period. Finally, Teachers Advisors LLC raised its position in Ormat Technologies by 250.2% in the fourth quarter. Teachers Advisors LLC now owns 222,435 shares of the energy company’s stock worth $11,927,000 after buying an additional 158,913 shares during the period. 43.57% of the stock is currently owned by institutional investors and hedge funds.
ORA has been the subject of a number of analyst reports. Zacks Investment Research upgraded Ormat Technologies from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Friday, May 12th. Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Oppenheimer Holdings Inc. set a $65.00 price target on Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Roth Capital set a $66.00 price target on Ormat Technologies and gave the company a “buy” rating in a report on Monday, March 6th. Finally, Barclays PLC boosted their price objective on Ormat Technologies from $43.00 to $54.00 and gave the company an “underweight” rating in a research report on Monday, March 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $63.71.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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