Ormat Technologies (NYSE:ORA) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Ormat Technologies (NYSE:ORA - Free Report) in a research note issued to investors on Friday morning, MarketBeat.com reports. The firm issued a hold rating and a $73.00 target price on the energy company's stock.

A number of other analysts also recently weighed in on ORA. Roth Mkm reaffirmed a "buy" rating and set a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Piper Sandler assumed coverage on Ormat Technologies in a research note on Thursday, December 19th. They set a "neutral" rating and a $78.00 target price for the company. Finally, Oppenheimer lifted their price target on Ormat Technologies from $86.00 to $91.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $82.25.

Ormat Technologies Price Performance

Shares of ORA stock traded down $2.68 during trading on Friday, hitting $65.88. The company had a trading volume of 589,927 shares, compared to its average volume of 592,088. The firm has a market capitalization of $3.98 billion, a P/E ratio of 33.61, a price-to-earnings-growth ratio of 3.75 and a beta of 0.57. Ormat Technologies has a one year low of $59.41 and a one year high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The stock's 50-day moving average price is $75.80 and its 200 day moving average price is $75.23.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.05. The company had revenue of $211.80 million for the quarter, compared to analyst estimates of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. Ormat Technologies's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.47 EPS. Equities analysts expect that Ormat Technologies will post 1.93 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.73%. The ex-dividend date was Wednesday, November 20th. Ormat Technologies's dividend payout ratio (DPR) is 24.49%.

Insiders Place Their Bets

In related 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 value of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now directly owns 3,576 shares in the company, valued at $293,232. The trade was a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ORA. Blue Trust Inc. grew its stake in Ormat Technologies by 180.3% during the third quarter. Blue Trust Inc. now owns 356 shares of the energy company's stock worth $26,000 after purchasing an additional 229 shares during the period. Versant Capital Management Inc grew its position in shares of Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company's stock worth $27,000 after buying an additional 229 shares during the period. UMB Bank n.a. increased its stake in shares of Ormat Technologies by 107.7% in the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company's stock valued at $47,000 after acquiring an additional 320 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Ormat Technologies by 44.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company's stock valued at $81,000 after acquiring an additional 321 shares during the period. Finally, DMC Group LLC bought a new position in Ormat Technologies during the third quarter worth $204,000. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Company Profile

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.