Key Points
- Director Byron Wong sold 4,500 shares of Ormat Technologies on May 13 at an average price of $134.32, totaling about $604,440. After the sale, he still held 5,925 shares, a 43.17% reduction in his position.
- Ormat reported strong quarterly results, posting $1.30 EPS versus the $0.92 consensus estimate and revenue of $403.91 million, up 75.8% year over year. The company also beat analyst revenue expectations by a wide margin.
- The company declared a quarterly dividend of $0.12 per share, payable June 3 to shareholders of record on May 20. That works out to an annualized dividend of $0.48 and a yield of about 0.4%.
Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) Director Stanley Stern sold 577 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $130.17, for a total value of $75,108.09. Following the completion of the transaction, the director directly owned 6,050 shares of the company's stock, valued at $787,528.50. This trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Ormat Technologies Stock Performance
Shares of ORA stock opened at $131.52 on Friday. Ormat Technologies, Inc. has a 12-month low of $70.42 and a 12-month high of $138.51. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of 63.84, a price-to-earnings-growth ratio of 5.80 and a beta of 0.80. The business has a 50 day simple moving average of $113.73 and a 200 day simple moving average of $114.37. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02.
Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same period in the prior year, the company posted $0.68 EPS. The business's revenue for the quarter was up 75.8% compared to the same quarter last year. On average, equities research analysts anticipate that Ormat Technologies, Inc. will post 2.33 EPS for the current year.
Ormat Technologies Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 20th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. Ormat Technologies's dividend payout ratio (DPR) is 23.30%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on ORA. UBS Group lifted their price target on Ormat Technologies from $143.00 to $152.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Robert W. Baird lowered their price target on Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, February 27th. Citigroup lifted their price target on Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a research report on Wednesday, February 18th. TD Cowen cut their price objective on Ormat Technologies from $131.00 to $125.00 and set a "buy" rating for the company in a research report on Friday, February 27th. Finally, JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $131.64.
Read Our Latest Stock Analysis on ORA
Institutional Trading of Ormat Technologies
A number of hedge funds have recently modified their holdings of ORA. AQR Capital Management LLC lifted its holdings in shares of Ormat Technologies by 324.1% in the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company's stock valued at $1,740,000 after purchasing an additional 19,043 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Ormat Technologies in the first quarter valued at $243,000. Empowered Funds LLC lifted its holdings in shares of Ormat Technologies by 7.3% in the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company's stock valued at $297,000 after purchasing an additional 286 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Ormat Technologies by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company's stock valued at $16,593,000 after purchasing an additional 43,483 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company's stock valued at $1,740,000 after purchasing an additional 2,329 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.
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.
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