Ormat Technologies, Inc. (NYSE:ORA) Receives $83.56 Consensus Price Target from Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) have received an average rating of "Hold" from the ten brokerages that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $83.56.

ORA has been the topic of several research analyst reports. Piper Sandler began coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a "neutral" rating and a $78.00 price target on the stock. Robert W. Baird initiated coverage on Ormat Technologies in a research note on Thursday, March 13th. They set a "neutral" rating and a $81.00 price target for the company. JPMorgan Chase & Co. boosted 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, February 28th. Baird R W raised shares of Ormat Technologies to a "hold" rating in a research report on Thursday, March 13th. Finally, Jefferies Financial Group boosted their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research report on Tuesday, March 25th.

Ormat Technologies Stock Up 2.1 %

ORA traded up $1.43 on Monday, reaching $69.96. 542,275 shares of the company traded hands, compared to its average volume of 496,240. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 3.18 and a beta of 0.52. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The stock's 50 day moving average price is $68.74 and its 200-day moving average price is $72.35. Ormat Technologies has a 52-week low of $59.41 and a 52-week high of $84.30.

Remove Ads

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th were paid a $0.12 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 0.69%. Ormat Technologies's payout ratio is presently 23.53%.

Insiders Place Their Bets

In related news, Director David Granot sold 1,666 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now owns 1,910 shares of the company's stock, valued at approximately $131,790. The trade was a 46.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jessica Woelfel sold 409 shares of the firm's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the sale, the insider now owns 6,094 shares in the company, valued at $439,682.10. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,242 shares of company stock valued at $156,427 in the last quarter. Insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its position in shares of Ormat Technologies by 5.6% during the fourth quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company's stock valued at $8,933,000 after purchasing an additional 7,025 shares during the period. Vanguard Group Inc. raised its stake in shares of Ormat Technologies by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock valued at $409,305,000 after buying an additional 274,540 shares in the last quarter. Element Capital Management LLC acquired a new stake in shares of Ormat Technologies during the 4th quarter valued at about $2,113,000. Daiwa Securities Group Inc. acquired a new stake in shares of Ormat Technologies during the 4th quarter valued at about $752,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Ormat Technologies by 6.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 618,937 shares of the energy company's stock valued at $41,914,000 after acquiring an additional 39,689 shares during the period. Institutional investors own 95.49% of the company's stock.

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.