Ormat Technologies, Inc. (ORA) Receives $66.71 Average PT from Analysts

Ormat Technologies, Inc. (NYSE:ORA) has earned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $66.71.

A number of research analysts have commented on the company. Cowen set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a report on Friday, August 18th. TheStreet raised Ormat Technologies from a “c+” rating to a “b-” rating in a report on Monday, November 13th. Oppenheimer reaffirmed a “buy” rating and set a $70.00 target price (up previously from $65.00) on shares of Ormat Technologies in a report on Wednesday, September 27th. Roth Capital set a $70.00 target price on Ormat Technologies and gave the stock a “buy” rating in a report on Monday, November 13th. Finally, Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, August 8th.

In related news, SVP Etty Rosner sold 9,983 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $60.23, for a total value of $601,276.09. Following the sale, the senior vice president now owns 9,983 shares of the company’s stock, valued at approximately $601,276.09. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bob Sullivan sold 9,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $62.89, for a total value of $621,982.10. Following the completion of the sale, the executive vice president now directly owns 9,890 shares in the company, valued at approximately $621,982.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,359 shares of company stock worth $5,013,332. 14.74% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in shares of Ormat Technologies by 1.7% in the 2nd quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock worth $117,000 after purchasing an additional 34 shares during the last quarter. Creative Planning lifted its holdings in shares of Ormat Technologies by 12.0% in the 2nd quarter. Creative Planning now owns 2,099 shares of the energy company’s stock worth $123,000 after purchasing an additional 225 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Ormat Technologies by 2.2% in the 2nd quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock worth $133,000 after purchasing an additional 49 shares during the last quarter. Advisor Group Inc. lifted its holdings in shares of Ormat Technologies by 153.2% in the 2nd quarter. Advisor Group Inc. now owns 2,302 shares of the energy company’s stock worth $135,000 after purchasing an additional 1,393 shares during the last quarter. Finally, Psagot Investment House Ltd. increased its position in Ormat Technologies by 1.6% in the 2nd quarter. Psagot Investment House Ltd. now owns 2,661 shares of the energy company’s stock valued at $156,000 after acquiring an additional 43 shares during the period. 46.46% of the stock is currently owned by institutional investors and hedge funds.

Shares of Ormat Technologies (NYSE:ORA) traded down $0.41 on Thursday, reaching $62.98. The company had a trading volume of 121,899 shares, compared to its average volume of 179,920. The stock has a market capitalization of $3,263.51, a P/E ratio of 28.54, a P/E/G ratio of 2.17 and a beta of 1.23. Ormat Technologies has a 1 year low of $47.40 and a 1 year high of $66.46. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.72 and a quick ratio of 1.62.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). The business had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $159.02 million. Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The company’s revenue for the quarter was down 14.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 EPS. sell-side analysts anticipate that Ormat Technologies will post 2.21 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Monday, November 20th. Ormat Technologies’s dividend payout ratio is presently 13.73%.

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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.

Analyst Recommendations for Ormat Technologies (NYSE:ORA)

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