Key Points
- Director Dafna Sharir sold 883 shares of Ormat Technologies on May 11 at an average price of $122.44, totaling about $108,115. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- Ormat Technologies beat quarterly earnings expectations, reporting $1.30 EPS versus the $0.92 estimate, while revenue rose 75.8% year over year to $403.91 million.
- Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $131.64. UBS, Oppenheimer, and Roth Mkm all reiterated or raised bullish targets on the shares.
Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) Director Dafna Sharir sold 883 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $122.44, for a total transaction of $108,114.52. Following the sale, the director owned 3,140 shares of the company's stock, valued at $384,461.60. The trade was a 21.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Ormat Technologies Price Performance
Shares of ORA opened at $123.70 on Tuesday. The stock has a market cap of $7.60 billion, a P/E ratio of 60.05, a price-to-earnings-growth ratio of 5.33 and a beta of 0.80. Ormat Technologies, Inc. has a 1 year low of $70.42 and a 1 year high of $132.58. The stock's 50-day moving average price is $111.70 and its two-hundred day moving average price is $113.69. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87.
Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.61%. The company had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same quarter in the previous year, the business earned $0.68 EPS. The firm's revenue was up 75.8% on a year-over-year basis. On average, equities analysts predict that Ormat Technologies, Inc. will post 2.28 earnings per share for the current year.
Ormat Technologies Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, May 20th. Ormat Technologies's dividend payout ratio (DPR) is currently 23.30%.
Institutional Trading of Ormat Technologies
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies in the 4th quarter valued at about $26,000. Main Street Group LTD acquired a new stake in Ormat Technologies during the 1st quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ormat Technologies during the 4th quarter worth approximately $31,000. Los Angeles Capital Management LLC bought a new stake in Ormat Technologies in the 4th quarter valued at $32,000. Finally, Wolff Wiese Magana LLC bought a new stake in Ormat Technologies in the 4th quarter valued at $33,000. Institutional investors own 95.49% of the company's stock.
Analyst Ratings Changes
Several brokerages have commented on ORA. JPMorgan Chase & Co. boosted their price target on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a "neutral" rating in a research report on Friday. UBS Group raised their price objective on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a report on Friday. Oppenheimer reaffirmed an "outperform" rating and issued a $144.00 target price on shares of Ormat Technologies in a research report on Friday. Royal Bank Of Canada began coverage on Ormat Technologies in a research report on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price target for the company. Finally, Roth Mkm restated a "buy" rating and issued a $135.00 price target on shares of Ormat Technologies in a research note on Monday. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $131.64.
Read Our Latest Stock Analysis on ORA
About Ormat Technologies
(
Get Free Report)
Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.
Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.
Further Reading
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