Ormat Technologies, Inc. (NYSE:ORA) to Issue Quarterly Dividend of $0.12

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be given a dividend of 0.12 per share by the energy company on Wednesday, March 26th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Wednesday, March 12th.

Ormat Technologies has a dividend payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ormat Technologies to earn $2.18 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.0%.

Ormat Technologies Stock Down 1.7 %

Shares of NYSE ORA traded down $1.20 during trading hours on Monday, hitting $68.64. The company had a trading volume of 459,365 shares, compared to its average volume of 465,006. The stock has a market capitalization of $4.15 billion, a P/E ratio of 35.02, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57. 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 has a 1-year low of $59.41 and a 1-year high of $84.30. The firm's 50 day moving average is $66.49 and its 200-day moving average is $73.20.

Insiders Place Their Bets

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares in the company, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company's stock.

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Analyst Ratings Changes

Several equities research analysts have recently commented on ORA shares. Oppenheimer increased their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Roth Mkm restated a "buy" rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Piper Sandler began coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a "neutral" rating and a $78.00 price target on the stock. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Jefferies Financial Group upgraded Ormat Technologies from a "hold" rating to a "buy" rating and increased their price target for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $82.88.

About Ormat Technologies

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.